Australians are taking advantage of the strong dollar to holiday overseas in record numbers and damaging the local economy.
"If retailers want to know where all their customers have gone, they just need to visit the international air terminal," CommSec chief economist Craig James said.
"Not only are they saving for the trip and not spending locally, but when they do go on their planned trips, any spending is done overseas," Mr James said.
Futures markets are signalling that there is almost no chance the Reserve Bank board will cut the official interest rates when it meets.
In a poll of 12 economists carried out by Australian Associated Press, none forecast a rate rise before the end of the year and all were expecting the cash rate to remain on hold next week.
"If retailers want to know where all their customers have gone, they just need to visit the international air terminal," CommSec chief economist Craig James said.
"Not only are they saving for the trip and not spending locally, but when they do go on their planned trips, any spending is done overseas," Mr James said.
Futures markets are signalling that there is almost no chance the Reserve Bank board will cut the official interest rates when it meets.
In a poll of 12 economists carried out by Australian Associated Press, none forecast a rate rise before the end of the year and all were expecting the cash rate to remain on hold next week.
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