Hold the fizz on a retail victory

Retail sales data shows the economy is continuing to rebalance, perhaps faster than expected. But if that doesn't soon trigger material jobs growth the momentum will fade.

Household spending is booming but now we need some jobs created. Only then can we be confident that the Australian economy is on its way to a sustainable rebalancing of its growth drivers.

Retail spending rose by 1.2 per cent in January, much higher than market expectations, to be 6.2 per cent higher over the year. Annual growth is now at its highest level since November 2009.

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