Australia: Retail sales growth stable in September

Retail sales expanded 0.6% in month-on-month seasonally-adjusted terms in September, matching August’s increase.

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

Retail sales increased 17.9% in annual terms in September, which was a deterioration from August's 19.2% 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%.