Australian Retail Sales Rise in November

Australian retail sales increased by 0.8% in November, their largest rise in 10 months, largely attributed to the popularity of Black Friday discounts. However, this growth fell short of the anticipated 1.0%, suggesting that overall consumer demand remains weak and may have simply shifted from December purchases. Sales at department stores rose by 1.8%, and spending at cafes and restaurants increased by 1.5%, but analysts warn that this trend might lead to a decline in December sales, as seen in the previous year. The Australian dollar dipped 0.3% following the data release, and markets are now focusing on potential interest rate cuts from the Reserve Bank of Australia, with a 78% chance of a cut in February. Economic pressures, including higher mortgage repayments, are impacting consumer budgets, although lower inflation and tax cuts are providing some relief. The growing trend of Black Friday promotions throughout November complicates the assessment of true consumer spending strength, according to experts.