Retail sales increased by 1.3% in Australia in September seasonally adjusted against estimates of 0.3%, which represents a great rhythm of sales, especially when compared to the -1.7% drop in the previous month.
The data end with three negative months as the country exits the blockade, but it is still below the months leading up to the pandemic.
However, under the new release schedule from the Australian Bureau of Statistics, we won’t see third-quarter sales volume data until next Thursday, when it should show a sharp drop.
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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