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
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Retail Sales (annual variation in %) | 4.5 | 3.7 | 2.4 | 3.0 | 2.7 |
Australia Retail Sales Chart
Source: Australia Bureau of Statistics and FocusEconomics calculations.
Australia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.37 | 1.47 % | Dec 31 |
| Exchange Rate | 0.70 | 0.05 % | Dec 31 |
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Economic News
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Australia: RBA keeps rates at all-time low in July; maintains target for government bond yields
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%.
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Australia: Easing in coronavirus lockdowns prompts a record-sharp surge in retail sales in May
June 19, 2020
Preliminary data shows nominal retail sales in May skyrocketed at the fastest pace on record amid easing coronavirus lockdowns.
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Australia: Unemployment rate jumps to a near 10-year high in May
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).
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Australia: Consumer sentiment approaches pre-crisis levels in June
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.
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Australia: Business confidence recovers notably but remains deeply negative in May
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.
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