AUSTRALIA DATA
Retail sales were slightly weaker than expected in April rising 0.1% m/m after falling 0.4%. Annual sales growth improved to 1.3% y/y from 0.9% as retail spending fell 0.3% m/m in April 2023. The level has been moving sideways for a year and half supported by higher prices but in real terms or per person it is contracting. The April data hasn't altered this trend and so is unlikely to affect the RBA's stance.
- April’s positive result was driven by a 1.6% m/m bounce in other retailing, household goods +0.7% and restaurants +0.3%. Food retailing fell 0.5% m/m but is still up 2% y/y and clothing -0.7% m/m to be down 2.5% y/y.
- The ABS noted that there was added volatility over March/April due to the early Easter, which impacted food & beverage purchases, and different timing of school holidays between states.
Australia retail sales $mn
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