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How the cost-of-living crisis will bite into Christmas

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Black Friday and Cyber Monday sales are expected to account for more than a quarter of all holiday purchases in 2023, according to Data from the Australian Retailers Association (ARA) and Roy Morgan. But economists are predicting a "penny-pinching" Christmas as interest rates stay higher for longer.

RBA governor Michele Bullock says her task isn't over yet -- because inflation is becoming a home-grown problem -- rather than one Australia has imported from overseas. NAB's Head of Markets Economics Tapas Strickland says there is some evidence businesses are passing up higher costs.

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