Australia Retail August 2022

Australia

Australia: Retail sales growth softens in August

September 29, 2022

Retail sales expanded 0.6% in month-on-month seasonally-adjusted terms in August, down from July’s 1.3% increase.

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

Retail sales increased 19.4% in annual terms in August, which was an improvement from July 's 15.8% rise.

Commenting on the release, Robert Carnell, analyst at ING, stated:

“The faster-than-expected […] August increase in retail sales throws doubt on the conjecture that the Reserve Bank of Australia (RBA) can begin to ease back on the pace of rate increases at forthcoming meetings.”

FocusEconomics Consensus Forecast panelists project private consumption will increase 5.2% in 2022, which is up 0.1 percentage points from last month’s forecast. In 2023, the panel sees private consumption growing 3.1%.


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