November Retail Slips 0.1%
Breaking down the retail figures by sector ‘Other’ retailing which includes electronics rose 1%,
However, Department stores fell -0.4%, as did Household goods retail -0.9%.
Clothing, footwear fell -0.6%, food services was up 0.3%, while growth in Food retailing stayed static.
Zimmerman also used the opportunity to call on the Reserve Bank to lower interest rates further, and said the big banks should pass on additional rate cuts, which some have failed to do, to date.
“The figures indicate that there remains a lack of consumer confidence due to tax hikes, increases in utility bills and private health insurance.”
By state, ACT retail grwoth rose 1%, Victoria +0.3%, Queensland +0%, Tasmania +0.1% were all up, while NSW -0.2%, SA -0.6% and NT -0.9% retail all fell in November.
Surprisingly, mining state Western Australia also fell -0.3%, although it remains the strongest performing state in the long term.
Compared to November 2011, retail was up 2.9% overall.