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Category: Business, Economics and Finance / Economic Trends / Retail

Retail sales inch up 0.1 pc in June, miss expectations

Thursday, 4 Aug 2016 09:35:43 | Thuy Ong

Rundle Mall when shops are closed

Australian retail sales inched up a tiny 0.1 per cent in June according to the latest figures from the Australian Bureau of Statistics, missing analyst expectations.

Analysts polled by Reuters typically forecast a rise of 0.4 per cent for the month.

The modest uptick was supported by higher spending on clothes and footwear, which rose 3.5 per cent for the month, with household goods retailing and department stores also enjoying an increase.

But food retailing fell 0.6 per cent, while people went out to cafes, restaurants and bought takeaway food less often, with the ABS noting a slip of 0.1 per cent.

Sales fell in New South Wales, Victoria, the ACT, the Northern Territory and Tasmania, while South Australia remained relatively unchanged.

Turnover for the June quarter came in at $72.7 billion, an increase of 0.4 per cent from the March quarter.

June quarter chain volume retail sales added 0.4 per cent, slightly below forecasts of 0.5 per cent.

This figure is an important component of gross domestic product - the key measure of the nation's economic growth.

The Reserve Bank of Australia slashed interest rates to a record low of 1.5 per cent on Tuesday, and most economists expect that cut to be the last in the easing cycle.

AustraliaPlus


 

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