AUSSIE RETAIL SALES SMASH EXPECTATIONS, UP 0.8% FOR SEPTEMBER

Getty / Dan Kitwood

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.

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