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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
Real retail sales in Q1 fell 0.6% q/q, as expected, following Q4’s 0.3% decline, signalling that higher rates and cost-of-living are weighing on retail spending. Volumes are only 0.3% higher than Q1 2022. This data is consistent with the view that consumption is slowing but 2023 has seen consumer spending focussed around services and that data won’t be available until the national accounts are published on June 7.
- This was the largest quarterly fall in real sales since Q3 2009, excluding the Covid period, which is not surprising given that Q4 2022 inflation reached its highest since 1990 and March rates were their highest since May 2012.
- Nominal sales were flat on the quarter. The ABS noted that retail prices had slowed to +0.6% q/q, the smallest rise since September 2021 driven by discounting but retail food prices continued to rise.
- Household goods volumes fell 3.7%, the fifth consecutive drop, but department stores rose 1.5%. Restaurants & takeaways rose 1.0% boosted by large events, while food retailing was unchanged on the quarter and up only 0.1% y/y.
Australia retail sales y/y%
Source: MNI - Market News/Refinitiv
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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