July retail sales flat; materially weaker in real per capita terms

Summary: Retail sales flat in July, less than expected; up 2.3% on 12-month basis; ANZ: stable result follows solid prints in May, June; longer-term ACGB yields rise; rate-cut expectations largely unchanged; Westpac: implies real per capita retail sales soft,  materially weaker; largest influence on result from food sales. Growth figures of domestic retail sales spent most of the 2010s at levels below the post-1992 average. While economic conditions had been...

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