Here’s the state of play.
- Having increased by 0.5% and 0.7% respectively in January and February, the consensus view for March is for a rise of 0.4%.
- Should retail sales in March match expectations, with no revisions to prior months, the annual rate will inch up to 4.5% from 4.3% in February.
- Over the past year household goods retailing recorded the strongest sales growth at 9.3%. Department store sales, on the other hand, fell by 0.7%.
- All States and Territories recorded increased sales over the past 12 months. NSW recorded the fastest growth at 5.6% while Tasmania (4.7%) and Victoria (4.5%) were second and third respectively. The Northern Territory recorded the slowest growth at 0.7%.
- In February retail sales topped $A24 billion for the first time on record. From a decade earlier it’s increased by 54.4%.
- Quarterly retail turnover, that which removes price movements, is tipped to grow 0.9% having increased 1.5% in Q4 2014. Given it makes up around 30% of total consumption, this figure will be watched closely given the implications for Q1 GDP.
The report will be released this morning at 11.30am Sydney time.