Retail turnover rose 1.6% in March to a new record, highlighting the strength of a revitalized economy thanks to consumer power.
The result was higher by 0.8% compared to November 2021. The increase in March comes after the increase of 1.8% in February and after the increase of 1.6% in January.
Rising prices and the continued easing of restrictions in the country, have led to increases in turnover in the first quarter.
The rise in prices supports the decision of the Bank of Australia on Tuesday to raise interest rates for the first time since 2010, while hinting that more will follow in the coming months.
Consumer spending has risen in all sectors.
Source: Capital
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