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Australian retail sales surge in Oct as economy revives

Australian retail sales rebounded with a bang in October as the lifting of many stay-at-home restrictions unleashed a wave of pent-up shopping, further evidence the economy is recovering rapidly from a pandemic-induced slump.

Data from the Australian Bureau of Statistics out on Friday showed retail sales jumped 4.9% in October to A$31.1 billion ($22.31 billion), extending September's already strong 1.7% bounce.

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