Nominal retail sales rose 0.2% over the previous month in seasonally-adjusted terms in February, which came in below 1.2% increase recorded in January. The print marked the slowest monthly expansion since June 2013, and fell slightly short of market expectations of a 0.3% rise. On a year-on-year basis, the pace of growth in retail sales eased from a 6.8% increase in January to a 4.9% increase in February. Despite the deceleration, annual average growth in retail sales increased from 3.2% in January to 3.5% in February. FocusEconomics Consensus Forecast panelists see private consumption growing 2.6% in 2014, which is unchanged from last month's forecast. For 2015, the panel sees private consumption expanding 2.9%.
Retail sales expansion moderates in February
April 3, 2014
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Australia Retail Chart
Note: Month-on-month seasonally adjusted and annual variation of retail sales index in %.
Source: Australia Bureau of Statistics and FocusEconomics calculations.
Australia Economic News
October 12, 2016
The Westpac-Melbourne Institute Survey of Consumer Sentiment increased 1.1% in October as the index rose from September’s 101.4 to 102.4.
October 11, 2016
The business confidence index published by the National Australia Bank (NAB) was stable in September at August’s 6 points.
October 5, 2016
Nominal retail sales inched up 0.4% in August from the previous month in seasonally-adjusted terms, up from July’s flat reading.
October 4, 2016
At its 4 October monetary policy meeting, the Reserve Bank of Australia (RBA) kept its policy rate steady at an all-time low of 1.50% after cutting its rate by 25 basis points twice this year, once in May and once in August.
September 15, 2016
The labor market lost 3,900 net new jobs in August compared to the previous month in seasonally-adjusted terms.