In September, retail sales expanded a seasonally adjusted 0.5% over August, which was up both from the 0.3% increase recorded in the previous month and market expectations of a 0.4% rise. Despite the monthly improvement, nominal retail sales only rose 2.6% over the same month last year, which marked a slowdown compared to the 4.6% increase recorded in August. As a result, the trend remained stable, as annual average growth in retail sales was unchanged at August's 3.4%. In addition, Australian Bureau of Statistics (ABS) also released quarterly figures for retail trade in real terms. In the third quarter, retail trade contracted 0.1% compared to the previous three-month period, contrasting the 1.2% increase in Q2 but coming in slightly above market expectations of a 0.2% drop. The result marked the first contraction after six consecutive quarters of positive growth in retail sales.
Retail sales pick up in September
November 5, 2012
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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.