SYDNEY, Oct 3: Australian retail sales rose by more than expected in August as consumers kept spending despite a rise in interest rates and falling stock prices, adding to the case for yet further monetary tightening.
Other government data on Wednesday showed the country’s trade deficit widened by a little more than expected in August as strong domestic demand boosted imports. Earlier, the Reserve Bank of Australia (RBA) left interest rates unchanged at 6.5 per cent.—Reuters
