Summary: Australian retail sales climbed to record highs in April as consumers spent big for the holidays, though surging inflation and rising interest rates are steadily sapping spending power. Data from the Australian Bureau of Statistics on Friday showed retail sales rose 0.9% in April to a record A$33.9 billion ($24.11 billion), matching analysts' forecasts. Sales were up a heady 9.6% on a year earlier, though a chunk of that was due to rising prices. "High food prices have combined with increased household spending over the April holiday period as more people are travelling, dining out and holding family gatherings," said the bureau's director of quarterly economy-wide statistics, Ben James. Policy makers are hoping households will dip into savings to keep consuming even as real incomes go backwards. Source - https://ca.finance.yahoo.com/news/australia-retail-sales-rise-0-014037078.html