RBA raises interest rates to 4pc
BREAKING NEWS: The Reserve Bank has announced an interest rate rise of 25 points to 4 per cent this afternoon.
Follow live updates and debate of the Reserve Bank's announcement
The central bank held its monthly board meeting today and announced the first rise for 2010, a move that was widely anticipated after it unexpectedly left the rate unchanged last month.
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The Australian Bureau of Statistics said retail spending jumped by a seasonally adjusted 1.2 per cent in January compared to the previous month, more than double the 0.5 per cent expected by economists.
The trend to spend was despite three interest rate rises in the final three months of 2009.
Such strength was led by a 7.2 per cent surge in spending at department stores in January, followed by a 2.9 per cent increase in clothing retailing. Food retailing rose 1.3 per cent.
The only sector to decline was in cafes and restaurants, which fell 3.1 per cent.
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