Australia: Retail sales growth slows in June
Retail sales fell 1.8% in month-on-month seasonally-adjusted terms in June, which followed May’s 0.4% increase. June’s result marked the worst reading since December 2020.
The headline reading reflected contractions in housing goods retailing; clothing, footwear and personal accessory retailing; department stores; and, cafes, restaurants and takeaway food services. This more than offset growth in food retailing.
In annual terms, retail sales expanded 2.9% in June, down from the 7.7% expansion logged in May. Meanwhile, annual average growth in retail sales eased to 9.4% in June from 9.8% in May.