Australian Retail Sales Lift For Christmas

Picture: Shutterstock

Good news, everybody: retail sales rose strongly in November indicating that Australia’s transition to a more sustainable, less mining-heavy economy is in the works.

The Australian Bureau of Statistics today reported that retail turnover rose a seasonally adjusted rise 0.7% in November, more than double the 0.3% expected by the market.

More important than any one month’s numbers though, is the trend in the data. There is more good news there with retail sales continuing to hold a healthy 0.5% per month for the third month in a row.

The key increases in trend terms according to the ABS were:

  • Cafes, restaurants and takeaway food services (1.1%),
  • Other retailing (0.9%),
  • Food retailing (0.3%),
  • Clothing, footwear and personal accessory retailing (1.2%),
  • Department stores (0.5%) and
  • Household goods retailing (0.1%).

The data also showed that all states saw positive growth in November in trend terms.

It is unequivocally good news for the Australian economy as household spending is a pre-condition for an economic recovery and lift in economic growth.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.