Australia: Retail sales contract in October

Retail sales fell 0.2% in month-on-month seasonally-adjusted terms in October, contrasting September’s 0.6% increase.

Looking at the details of the release, department store sales, household goods retailing, and clothing and footwear sales contracted, as did cafes, restaurants and takeaway food services sales. On the other hand, food retailing rose in October.

Retail sales increased 12.0% in annual terms in October, which was a deterioration from September's 18.6% rise.

FocusEconomics Consensus Forecast panelists project private consumption will increase 3.1% in 2023, which is unchanged from last month’s forecast. In 2024, the panel sees private consumption growing 2.8%.