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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.
AUSTRALIA DATA
Retail sales were weaker than expected in March falling 0.4% m/m after rising 0.2% with the decline broad based. Turnover is now up only 0.8% y/y, lowest since August 2021. The series is nominal and so impacted by inflation trends. Q1 volumes are published on May 7. This data is in line with the RBA’s assessment that “consumption growth is weak” but given sticky inflation and robust labour market is unlikely to drive a change in stance.
- All major components fell on the month, except for food retailing which rose 0.9% m/m. Clothing & footwear fell 4.3% m/m after posting two strong months while household goods fell 1.4%, the second straight drop and is the weakest in annual terms falling 3.2% y/y.
- The ABS said that retailers had told it that “overall trading conditions remain challenging” and that consumers are “cautious” as they face inflationary pressures.
Australia retail sales %
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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