Even though the costumer confidence has slid along with the increasing prices; yet, the retail sales have proved to be quite supple in the month of May. This has come out to be the third successive monthly boost.

The actions weren't that vigorous, as analyzed by the economists, and thus they did not result in any rushing off in the central bank and thus, this has made no effect in increasing the interest rates. Next week, a policy meeting will be held of Reserve Bank of Australia, with an aim to not change the cash rate target, which is at 4.50%.

Since October 2009, the interest rates have been witnessed to increase six times in Australia. In May, there was a 0.2% rise to $20.16 billion in April in the retail sales, which is much less than the projected 0.3% hike, as said by Australian Bureau of Statistics.

Matthew Robinson, a Senior Economist with Moody's Analytics, said that there usually positives were there to take from retail sales number. He added, "I know it's a little weaker than consensus expected but it's a little stronger than I expected. That's the third consecutive monthly increase and that aligns with interest rate increases in each of those months".