Australia: Another step closer to losing its AAA rating - TDS

Research Team at TDS, notes that the Australia’s Retail Sales rose a paltry 0.1%/m in June below the +0.3%/m forecast.

Key Quotes

“Real retail sales rose 0.4%/m, again below the +0.5%/m expected. The numbers reinforce the view that retail sales is all volumes, not prices. 

The Australian Senate (upper house) seats are not confirmed. Turnbull's Coalition has secured 30 seats and needs 9/11 crossbenchers to pass any laws opposed by ALP/Greens.  Those 11 crossbenchers are a bunch of "interesting people" including One Nation (Pauline Hanson) 4 seats, Nick Xenophon's 3 and independents Jacqui Lambie/Derryn Hinch/Bob Day/David Leyonhjelm. Passing legislation will not be any easier now than it was before—another step closer to Australia losing its AAA rating?  We think so.