Retail sales were slightly weaker than expected in April rising 0.1% m/m after falling 0.4%. Annual sales growth improved to 1.3% y/y from 0.9% as retail spending fell 0.3% m/m in April 2023. The level has been moving sideways for a year and half supported by higher prices but in real terms or per person it is contracting. The April data hasn't altered this trend and so is unlikely to affect the RBA's stance.
Source: MNI - Market News/ABS
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Moving closer to the 50-day EMA (note that support level given in text is for last close)Source: Bloomberg