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1. Australia’s nominal retail trade rose a stronger-than-expected +0.6% m/m in May. The ABS noted that early end-of-financial-year sales activity boosted non-food sales.
Non-food sales also rose +0.6% m/m but have chopped around a pretty flat trend.
There is a risk that non-food sales weaken in June - they fell 1.2% m/m in June last year after rising +0.3% m/m in May.
