Later this morning the ABS will release its retail sales report for December, along with quarterly retail volumes that will feed into Australia’s December quarter GDP figure.
Here’s the state of play.
- In November sales increased by 0.4% to $24.774 billion, the highest level on record.
- It was the fourth monthly increase in succession, and 17th in the past 18.
- The continued growth left retail turnover up 4.34% from a year earlier, an acceleration on the 3.93% pace seen in October.
- Over the year sales in all categories increased with the strongest gain coming from household goods retailing, up 6.62%. Food retailing, the largest component by dollar spend, recorded the weakest growth at 2.78%.
- In terms of location, Australia’s most populous states – Victoria and New South Wales – recorded the fastest annual rates of growth at 5.96% and 4.68% respectively.
- Based on the growth in household goods retailing, along with the performance of Victoria and New South Wales, Australia’s booming east coast property market has helped to boost consumption over the past 12 months.
- For December, markets expect sales to increase by 0.5%, an acceleration on the 0.4% growth seen in November.
- For the quarter, price adjusted retail volumes are tipped to rise 0.9%, an increase on the 0.6% pace seen in the September quarter.
The retail sales report will be released at 11.30am AEDT.
Business Insider will have full coverage as soon as the data drops.
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