Australia: Retail sales fall at sharpest rate since December 2022 in June
Retail sales slid 0.8% month-on-month in seasonally-adjusted terms in June (May: +0.8% mom). June’s outturn marked the worst reading since December 2022. The result came on the back of a drop in household goods sales. In addition, food retailing sales lost pace. Lastly, department stores sales dropped at a sharper rate, while cafes, restaurants and takeaway food services sales contracted at a steeper pace than in the prior month.