Retail Spending Up In June, But Short Of Expectations
Australian retail turnover rose a seasonally adjusted 0.1 per cent in June, Australian Bureau of Statistics (ABS) Retail Trade figures released today reveal, following on from a 0.2 per cent rise in May.
The ABS figures reveal retail turnover for the month totalled $25.04 billion, with turnover for the June quarter totalling $72.68 billion, up 0.4 per cent.
As reported by The Australian, the 0.1 per cent rise fell short of market expectations for a 0.3 per cent gain.
The ABS figures show rises in seasonally adjusted terms in clothing, footwear and personal accessory retailing (3.5 per cent), household goods retailing (0.3 per cent) and department stores (0.7 per cent).
There were declines in food retailing (down 0.6 per cent), cafes, restaurants and takeaway food services (down 0.1 per cent) and other retailing (down 0.1 per cent).
Seasonally adjusted, there were rises in Queensland (1.1 per cent) and Western Australia (0.1 per cent), with turnover in South Australia relatively unchanged at 0 per cent.
Declines were recorded in New South Wales (down 0.2 per cent), Victoria (down 0.1 per cent), the Australian Capital Territory (down 0.6 per cent), the Northern Territory (down 1.1 per cent) and Tasmania (down 0.2 per cent).
The impact of the Reserve Bank of Australia’s decision earlier in the week to cut interest rates to a record low 1.5 per cent will be a point of interest over the coming month.