Australian Retail sales in November showed disappointing results when it was reported unchanged from the previous month. November sales were reported at a seasonally adjusted A$ 20.93 billion compared with A$ 20.92 billion in October. October sales were 0.2% higher than the previous month. The November sales were much lower than analysts’ expectations of a 0.4% growth over the previous month. Markets were expecting retail sales to get a boost after the Reserve Bank of Australia rate cuts but consumer confidence remains low because of the global financial crisis spreading out of Europe. Read more
