MISS: Australian Retail Spending Only Grew By 0.1 Per Cent In May

The ABS put out May retail spending figures today, and they’re not up by as much as was expected.

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Spending grew by 0.1% in May this year to $21.8 billion, Australian Bureau of Statistics (ABS) figures show. The market was expecting around 0.4%.

“We’ve seen broader themes in terms of economy-wide spending showing a healthy lift but it doesn’t seem to be have translated into the retail sector,” CommSec economist Savanth Sebastian told AAP.

“Business are discounting less and consumers are out there hunting for bargains.”

Read the full ABS release here.

Now read: Australia’s Dollar At A Three-Year Low After Glenn Stevens’ Speech In Brisbane

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