Businesses could be “in a world of hurt” this Christmas if the RBA hikes interest rates and people spend less, according to The Motley Fool Chief Investment Officer Scott Phillips.
His remarks come after ABS data showed retail spending was up 0.9 per cent for the month in September. Mr Phillips said the “simple reality” is there is nothing in recent data suggesting inflation is cooling down. He pointed out that Christmas is “just around the corner” which is a critical time for businesses to make sales.
“If you don’t make the sales in Christmas, you don’t make the sales all year,” he told Sky News Australia.
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