A spate of Australian economic data this week suggests that the country is headed towards a dismal Christmas retail period.
Annual wage growth for the third-quarter remained at a 15-year low of 2.6 percent, unchanged since the final quarter of 2013. Separately, a Melbourne Institute and Westpac Bank survey showed consumer confidence slumped over 12 percent on year in November, with pessimists exceeding optimists for the ninth straight month. The November data are read as an early indication on what to expect during the Christmas shopping season.
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"Australian retailers should brace for another disappointing Christmas period as households are worried about future conditions and choosing to hold back spending. Weak employment and income growth are not conducive to higher retail trade," Katrina Ell, economist at Moody's Analytics, told CNBC.