July 6 (Reuters) - Australian retailers are in for a sombre period this fiscal year as high interest rates squeeze household budgets, especially for discretionary spending, Citigroup said on Thursday, with expected further rate hikes likely to dent confidence even more. The brokerage cut its fiscal 2024 earnings forecast for electronics retailer JB Hi-Fi (JBH.AX), fashion retailer Premier Investments (PMV.AX), auto parts retailer Super Retail (SUL.AX), and retail conglomerate Wesfarmers (WES.AX). "It appears the two recent rate rises (in May and June) following the April pause has been the final straw, pushing some consumers to restrain their spending," Citi analysts Adrian Lemme and James Wang wrote in a note. They estimate the high rates have pushed up net household interest expense by around A$30 billion over five years through 2024. "Given Citi forecasts another two rate rises, we think confidence will remain depressed for now," the analysts said.

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Persons: Adrian Lemme, James Wang, JB, Harvey Norman, Citi's, Sameer Manekar, Savio D'Souza Organizations: Citigroup, JB, Premier Investments, Super, Citi, Australia, UBS, Pizza Enterprises, Coles Group, Woolworths, Thomson Locations: Bengaluru