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CBA Says May Retail Sales Flat

Australian banking major Commonwealth Bank of Australia (CBA) says that retail sales in Australia have slowed to an annual growth rate of 3.4 per cent, and were largely flat during the month of May.

CBA’s business sales indicator index, which calculates the value of debit and credit card transactions through the lenders point of sale terminals remained unchanged during the month of May.

CBA’s local business banking boss, Symon Brewis-Weston, said the May results showed it was probably fear, rather than fundamentals, that was preventing consumers from spending.

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