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How the cost-of-living crisis will bite into Christmas | The Business | ABC News

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. Subscribe: http://ab.co/1svxLVE Read more here: https://www.abc.net.au/news/2023-11-2... ABC News provides around the clock coverage of news events as they break in Australia and abroad, including the latest coronavirus pandemic updates. It's news when you want it, from Australia's most trusted news organisation. For more from ABC News, click here: https://ab.co/2kxYCZY Watch more ABC News content ad-free on ABC iview: https://ab.co/2OB7Mk1 Go deeper on our ABC News In-depth channel: https://ab.co/2lNeBn2 Like ABC News on Facebook: / abcnews.au Follow ABC News on Instagram: / abcnews_au Follow ABC News on Twitter: / abcnews Note: In most cases, our captions are auto-generated. #ABCNews #ABCNewsAustralia

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