Retailers have voiced concern that the Reserve Bank of Australia’s (RBA) decision to hold the cash rate steady at 3.6 per cent could dampen consumer spending during the crucial Black Friday and end-of-year sales period.

The RBA said the move reflected caution in the face of economic uncertainty.

“The board judged that it was appropriate to remain cautious, updating its view of the outlook as the data evolve,” its statement read. “The board remains alert to the heightened level of uncertainty about the outlook.”

The bank also noted that inflation in the September quarter could prove higher than expected, with the August consumer price index showing a rise. That has raised the risk that the September inflation report will exceed the RBA’s forecasts.

Despite three rate cuts earlier this y

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