According to Jinshi, last week, RBA Deputy Chairman Hauser said the country's retail sales were "at a low point". However, UBS Chief Economist George Tharenou believes that the stronger-than-expected Australian retail sales data released earlier today may be a surprise. UBS expects the RBA to raise the official cash rate by 25 basis points to 4.60% in August, which is still a non-consensus view. UBS also expects the RBA to maintain higher interest rates for a longer period of time, and does not expect the first interest rate cut of 25 basis points until August 2025.
