Hopes of an early rate cut have been all but dashed with the latest inflation reading coming in too hot for a second month.
Market forecasts of several rate cuts this year have been dramatically revised down to a thirty per cent chance of one next February.
And in a sign of the times, a retail recession has been declared as the sector entices shoppers with rolling sales and discounts.
The industry's peak body is warning of store closures and job losses as retail activity ebbs to the lowest level since the global financial crisis.
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