Australian retail sales growth of 8.2% for March 2022 year on year may be as good as it gets. The three-year cumulative growth is as strong as the dizzy heights seen back in November 2021, which proves once again, when COVID-19 cases drop, consumers clearly want to spend. The reality is that higher inflation and interest rates will take the edge off retail spending. However, the moderation in growth is likely to be gradual over the next 18 months as retail sales also benefits from some inflation.