Australian retail sales numbers for September are out and it’s a huge beat on market expectations.
The print was 0.8% against a 0.4% expected by the market.
The retail sales number is a key leading indicator for consumer spending in the economy. In recent weeks there’s been a lot of talk about a post-election bounce in consumer activity not being detectable – this number puts the lie to that somewhat.
Perhaps households are ready to open their wallets again.
Other data out this morning was mixed – low TD inflation and job ads from ANZ steady, so there are a few mixed signals but the retail number is a sign of some badly-needed domestic activity picking up.