Figures out from the Australian Bureau of Statistics suggest the August rate rise did have an impact as consumer spending slowed more than expected for the month of October.
While spending slowed, it still reached almost $20 billion, a 0.7% increase on the month prior.
All states and territories had increases in the seasonally adjusted estimate, except Western Australia and Queensland, which were down 0.8% and 0.1% respectively.
The increase of 0.7% for the month of October follows an increase of 0.7% in each of the previous 2? months.
The Australian Bureau of Statistics says chains and other large retailers increased by 4.3% while the estimate for ‘smaller' retailers increased by 6.6%.
Despite the weaker than expected figures, , the market was not perturbed. Most consumer discretionary companies had a strong day today
Woolworths (WOW) added 36 cents to $33.75, David Jones (DJS) added 19 cents to $5.14, JB Hi-Fi (JBH) grew 51 cents to $16.80 whilst Harvey Norman HVN) lost 24 cents to $6.84.
