Australian retail turnover reached $39.36bn in August, a 5.3% year-over-year increase and up 0.5% from the prior month. Total food sales reached $15.63bn, up 4.1% YOY, which masked a 6.6% YOY increase for foodservice and a 2.6% YOY rise in grocery sales.

Meanwhile, the RBA increased the cash rate target for the fourth time this year to 4.6% as energy costs and inflation remained higher than expected. Interest rates are now at a 15-year high, with many concerned about the downturn in the key real estate sector and its potential spillover effects on the broader economy.