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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
Q1 real retail sales fell 0.4% q/q, slightly more than expected, after rising 0.4% q/q. They fell 1.3% y/y after -1.0% in Q4 and have been posting negative annual growth for a year now. The level of sales volumes peaked in Q3 2022 and is now 1.8% below that level as cost of living pressures and higher mortgage payments impact household discretionary spending. Q1 private consumption also includes services spending, but it is looking like it will be weak when GDP is released on June 5.
- The softness in Q1 sales volumes was driven by big ticket items such as large household items, according to the ABS. Food retailing was unchanged, department stores down 0.4% q/q while clothing & footwear rose 1.3% and restaurants & cafes +0.3%.
- With the working population rising 0.7% q/q in Q1, spending per capita fell for the seventh straight quarter and as the ABS says shows clearly “how much consumers have pulled back”. Continued elevated inflation for non-discretionary items, such as insurance and healthcare, has driven the considerable cut back in discretionary spending.
- Retail prices rose 0.6% q/q after 0.2% q/q in Q4.
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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