Australian retail sales rose 4.3% in May 2023, which is a solid run-rate and propped up by food categories. The declines in electronics and furniture actually eased off a little. Our barometer of the consumer’s willingness to spend remains very strong with café & restaurant sales up 15%. Retail spending has not fallen of the cliff, but volumes are weak and demand is likely to continue slowing right through 2023 and the first-half of 2024.