We see retail sales continuing to grow in April, albeit at a somewhat slower pace than previous months. Inflationary concerns continue to escalate, particularly for petrol and food. While petrol prices eased somewhat following the 22c excise cut announced in the budget, a lower AUD and choppy oil prices are eroding this. The RBA has now lifted rates and we expect further rate rises in coming months. That said, the NAB Monthly Business Survey continues to report generally very strong business conditions and solid confidence. Further, the April survey recorded a significant pick-up in conditions in the recreation & ... (full story)