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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 have been volatile over the festive period. They rose a less-than-expected 1.1% m/m in January but December was revised up 0.6pp to -2.1% m/m. Spending was up 1.1% y/y but 3-month momentum while still positive moderated. With goods inflation at 3.7% y/y in January, sales volumes likely fell again, in line with the RBA’s assessment that “consumption growth is weak”. With higher rates and continued cost-of-living pressures, this situation looks unlikely to improve soon.
- The ABS notes that “retail turnover was unchanged in trend terms in January” signalling that retail sales have stagnated when we look through the volatility of recent months.
- There was a broad based increase in retail sales in January with only food retailing recording a decline which was -0.1% m/m. Restaurants saw their first monthly increase (+1.3%) since August boosted by large sporting events.
Australia retail sales A$mn
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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