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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUD
Retail sales rose a stronger than expected 0.5% m/m in July, which was also above most forecasts, as partial payback for the 0.8% drop in June. The monthly changes are volatile but 3-month momentum remains positive but softer than it has been and while retail sales continue to grow compared to a year ago that pace has slowed substantially from the post-Covid spending spree period. Nominal sales have been fairly steady since late 2022 up only 0.4% since October despite higher prices.
- Annual growth in retail sales moderated further in July to 2.1% y/y from 2.3%, the lowest since August 2021. 2019 averaged 2.7% growth. July CPI is published on Wednesday and is expected to rise 5.2% y/y.
- There was a July bounce in non-food retailing after the weak June readings. Department store sales rose 3.6% m/m to be flat on the year and clothing & footwear +2% m/m -0.4% y/y but household goods fell 0.2% m/m to be down 4.1% y/y. Restaurant sales remain robust rising 1.3% m/m to be up 9% y/y boosted by school holidays and the Women’s World Cup.
Australia retail sales A$mn
Source: MNI - Market News/ABS
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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