The Australian retail sales data for August was released today, when restrictions were tightened in major states during that period.
Retail sales fell -1.7% month-on-month, better than the -2.5% expected and the -2.7% registered the previous month.
About retail sales
Australia’s leading indicator of consumer spending, retail sales, is released by the Australian Bureau of Statistics (ABS) about 35 days after the end of the month. It represents approximately 80% of the total retail turnover in the country and therefore has a significant influence on inflation and GDP. This leading indicator is directly correlated with inflation and growth prospects, influencing the Reserve Bank of Australia’s (RBA) interest rate decision and AUD valuation. The statistics office uses the leading factor method, which ensures that seasonal factors are not distorted by the impacts of COVID-19.
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