Australia’s retail sales data for December is out, and it’s bang in line with expectations: 0.5% increase in turnover.
Q4 turnover was up 1.2%, again in line with expectations.
Turnover rose 4.6% in December 2013 compared with December 2012 in trend terms.
Ric Spooner, chief market analyst at CMC Markets, said: “December’s 0.5% rise in retail sales, while in line with expectations, builds on a strong performance by Aussie shoppers in recent months. This in tandem with todays’ news of a trade surplus vindicates the RBA’s shift to a neutral stance on monetary policy. Both domestic spending and external trade are responding to lower rates and a weaker dollar and look like at least partly offsetting the forecast drag on GDP from the decline in mining investment.”
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