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AUSTRALIA DATA: Retail Spending Recovering Gradually As Real Incomes Improve

AUSTRALIA DATA

Australian retail sales have been gradually trending higher since the end of last year and Q3 appears to have received support from tax cuts, energy rebates and rising real wages as inflation moderates. Q3 retail sales volumes rose 0.5% q/q, in line with consensus after falling 0.4% in Q2, to be up 0.2% y/y, the first positive since Q1 2023. Consumption remains an area of concern though and comments from the RBA next week will be watched closely. 

Australia quarterly retail sales y/y%

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Australian retail sales have been gradually trending higher since the end of last year and Q3 appears to have received support from tax cuts, energy rebates and rising real wages as inflation moderates. Q3 retail sales volumes rose 0.5% q/q, in line with consensus after falling 0.4% in Q2, to be up 0.2% y/y, the first positive since Q1 2023. Consumption remains an area of concern though and comments from the RBA next week will be watched closely. 

Australia quarterly retail sales y/y%

Keep reading...Show less