End-of-year sales, upcoming tax cuts likely driver of June retail sales increase

Summary: Retail sales up 0.5% in June, noticeably more than expected; up 2.9% on 12-month basis; ANZ: likely related to end-of-financial year sales, may also suggest households pre-emptively spent some of Stage 3 tax cuts; ACGB yields plunge; rate-cut expectations harden; ANZ: may suggest on cusp of lift in spending; largest influence on result from household goods sales. Growth figures of domestic retail sales spent most of the 2010s at...

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