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Retail Sales Boost Likely To Fade

AUSTRALIA

The preliminary reading showed Australian retail sales spiked in November, printing a 7.0% increase from the previous month. Retail sales nationwide are now 14.1% above the December 2019 level.

  • The increase was attributed to essentially one-off factors that are expected to fade; Black Friday sales, and release of the iPhone 12 combined with easing Covid restrictions to produce a benign environment in November.
  • Victoria was a standout region, the surge reflects the first full month of trading following the easing of social distancing restrictions.
  • It remains to be seen how December figures will fare given a flare up in Covid cases.

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