Retail Sales in Australia
Australia - Retail Sales
Easing in coronavirus lockdowns prompts a record-sharp surge in retail sales in May
Preliminary data shows nominal retail sales in May skyrocketed at the fastest pace on record amid easing coronavirus lockdowns. They jumped 16.3% over the previous month in seasonally-adjusted terms, sharply contrasting April’s record 17.7% freefall which was caused by widespread shutdowns. Preliminary figures are based on data provided by businesses that make-up approximately 80% of total retail turnover.
May’s surge was broad-based. Particularly pronounced increases were recorded in clothing, footwear and personal accessory retailing and cafes, restaurants and takeaway food services.
In annual terms, retail sales climbed 5.3% in May, contrasting April’s 8.9% plunge which had marked the sharpest decrease on record. Meanwhile, annual average growth in retail sales rose from 2.4% in April to 2.6% in May.
FocusEconomics Consensus Forecast panelists are still assessing the latest developments.
Australia - Retail Sales Data
|Retail Sales (annual variation in %)||4.5||3.7||2.4||3.0||2.7|
5 years of economic forecasts for more than 30 economic indicators.
Australia Retail Sales Chart
Source: Australia Bureau of Statistics and FocusEconomics calculations.
|Bond Yield||1.37||1.47 %||Dec 31|
|Exchange Rate||0.70||0.05 %||Dec 31|
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July 7, 2020
At its monetary policy meeting on 7 July, the Reserve Bank of Australia (RBA) decided to keep the cash rate unchanged at an all-time low of 0.25%.
June 19, 2020
Preliminary data shows nominal retail sales in May skyrocketed at the fastest pace on record amid easing coronavirus lockdowns.
June 18, 2020
Seasonally-adjusted employment nosedived by 227,700 in May, following a revised record-high 607,400 job lost in April (previously reported: -594,300).
June 11, 2020
The Westpac-Melbourne Institute consumer sentiment index jumped to 93.7 in June from 88.1 in May, consequently recovering further ground from the index’s worst reading since February 1991 recorded last April.
June 9, 2020
The business confidence index produced by National Australia Bank (NAB) rose to minus 20.0 points in May, from minus 45.5 points in April.