Australian retail sales data response - "bleak but not bleaker than expected"

The sales data from Australia in May is here from earlier:

• Australia Retail Sales for May: +0.1% m/m (expected 0.2%)

Westpac pointed comment:

• bleak but not bleaker than expected
• Retail sales are treading water in nominal terms rather than contracting

WPAC assess that more info is going to be needed to assess the extent to which growth in consumer demand is slowing

The bank awaiting:

• June quarter CPI update due at the end of the month

to help disentangle volume and price effects