It might seem strange after last weekend’s shopping frenzy, but Aussies are winding back their spending, with monthly retail sales dropping for the first time this year. The latest data from the Bureau of Statistics saw sales fell 0.2% in October to $35 billion, below forecasts of a 0.5% increase. Economists say it’s a sign consumers are feeling the bite of cost of living pressures, and Aussie retailers are confident this year’s Black Friday sales will hit a record $6 billion as shoppers look to snag bargains in order to avoid future price rises. And with markets expecting the Reserve Bank’s board to hike the official cash rate by another quarter-point to 3.10% when it meets next week, Governor Philip Lowe yesterday offered an unprecedented apology to Aussie borrowers who took out loans expecting interest rates to stay unchanged until 2024. PM Anthony Albanese said he retains confidence in the RBA boss despite Lowe facing growing calls to resign over the saga.