Retail sales in Australia rose more than projections in November climbing 1.4% compared with a previous revised 0.4% from 0.3%, and the forecasted reading was 0.2%. Domestic demand in Australia continued to support economic recovery that is getting stronger, since exports are recovering and consumer spending is improving.

The Reserve Bank raised interest rates by 75 basis points in three straight months to 3.75%, responding to cheerful fundamentals seen in the second half of last year, and more raises in borrowing costs are anticipated in the first half of 2010.