THE outlook for interest rates is unchanged despite the release of weaker than expected retail trade and building approvals data, economists say.
The Reserve Bank of Australia (RBA) last increased the cash rate in November 2010 from 4.5 per cent to 4.75 per cent and most economists expect the next rise to be in August.
Australian residential building approvals data was released today, showing a fall of 7.9 per cent in May, much larger than the 0.5 per cent drop economists were expecting.
In the year to May, building approvals were down 14.4 per cent, the Australian Bureau of Statistics (ABS) said.