The RBA decision to bump the cash rate up by a quarter of a percent may have tempered Christmas spending.
According to the AAP, The Australian Retailers Association (ARA) has reported slower than expected yields at most cash registers in the run-up to Christmas.
ARA executive director Russell Zimmerman told the AAP that spending in the lead-up to Christmas was below retailers' expectations in Victoria and across the nation.
The ARA said retailers around the nation had expected about $38.7 billion in retail sales this Christmas, including $9.3 billion in Victoria, but this was now looking unlikely.
Mr Zimmerman said most transactions were made using cash or debit cards, rather than credit cards, in another sign customers were reining in their spending.
