Australia Retail August 2018

Australia

Australia: Retail sales growth accelerates in August

October 5, 2018

Nominal retail sales growth in August came in at 0.3% over the previous month in seasonally-adjusted terms, following July’s flat reading. This was above market expectations of a 0.2% rise. Unremarkable wage growth, falling house prices and high household debts continue to weigh on consumer spending.

Higher sales in cafes, restaurants and takeaway food services; growth in clothing, footwear and personal accessory retailing; and higher sales in department stores led the expansion.

In annual terms, retail sales jumped a five-month high of 4.2% in August, down from July’s 2.6% increase. Consequently, growth in annual average retail sales in August inched up to 2.6% from July’s 2.5%.

FocusEconomics Consensus Forecast panelists see private consumption growing 2.6% in 2018, which is unchanged from last month’s forecast. For 2019, the panel expects private consumption to expand 2.5%, also unchanged from last month’s projection.


Author: Massimo Bassetti, Economist

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Australia Retail August 2018

Note: Month-on-month seasonally adjusted changes and annual average variation of retail sales index in %.
Source: Australia Bureau of Statistics and FocusEconomics calculations.


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