Australian retail sales for September 2023 rose 2.1%. The additional detail on volumes highlights the magnitude of the weakness more clearly. In the September 2023 quarter, retail volumes fell by 1.8% and on a per capita basis were down 4.3%. The volume reset is a necessary step in the retail cycle reflecting outsized volumes during COVID-19 and weaker income growth. We are approaching a trough in retail sales growth in our view, but we don’t see any meaningful recovery until late 2024.