The Australian retail sales grew 0.9% in May, matching the percentage increase in April and exceeding the 0.4% estimated by the market consensus. This is the fifth consecutive month in which the indicator shows positive.
Annual retail sales increased by 10.4% compared to the same month in 2021, according to the Australian Bureau of Statistics (ABS).
Ben Dorber, Director of Quarterly Statistics for the Economy in General, said: “There was growth in five of the six retail sectors in May as spending remained resilient. The increase in prices contributed to the growth of the turnover of the retail trade in May. This was most evident in cafes, restaurants and takeaways and food retail.”
The department stores recorded the biggest increase, 5.1%followed by cafes, restaurants and takeaway services (1.8%), other retail businesses (1.5%), food retail (0.6%) and household goods retail (0.4%).
The retail trade of clothing, footwear and personal accessories was the only sector that registered a fall, of 1.4%, after three consecutive monthly increases.
Of the states and territories, New South Wales grew the most in retail turnover, at 1.6%, followed by Victoria at 1.3%.
Source: Fx Street
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