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☆ Australia Oct retail sales slip as consumers hold off for Black Friday sales
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

Women shop for clothes on a store in a shopping mall in Sydney's central business district (CBD) Australia, February 5, 2018. REUTERS/Daniel Munoz/File Photo Acquire Licensing RightsSYDNEY, Nov 28 (Reuters) - Australian retail sales unexpectedly slipped in October as consumers cut back on everything but food, though analysts believe many were merely saving some money to splurge on Black Friday sales that took place this month. Retail sales fell 0.2% from September to A$35.77 billion, data from the Australian Bureau of Statistics (ABS) showed on Tuesday. "This is a pattern we have seen develop in recent years as Black Friday sales grow in popularity." Data from e-commerce firm Shopify also showed that point-of-sale sales made by its merchants in Australia during this year's Black Friday sales grew 27% from a year ago.

Persons: Daniel Munoz, Ben Dorber, Shopify, that's, Marcel Thieliant, Michele Bullock, Stella Qiu, Tom Hogue, Edwina Gibbs Organizations: REUTERS, Rights, Australian Bureau of Statistics, Black, ANZ, Asia Pacific, Capital Economics, Reserve Bank of Australia, Thomson Locations: Australia

☆ Australia Sept retail sales climb at fastest pace in 8 months
▼ + stars: | 2023-10-30 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

REUTERS/Daniel Munoz/file photo Acquire Licensing RightsSYDNEY, Oct 30 (Reuters) - Australian retail sales rose at the fastest pace in eight months in September, suggesting some resilience in consumer spending which would add to the case for an interest rate hike as soon as next week. The Australian dollar rose 0.4% to $0.6360, while three-year government bond yield hit a fresh 12-year high of 4.388%. "Downside risks to household consumption have been a key focus of the RBA, but those do not look to have been realised so far." The broad softening in consumer spending has been one major reason that the RBA has left interest rates unchanged for four straight months now. However, a sustained rebound in housing prices could lend some support to household consumption.

Persons: Daniel Munoz, Ben Dorber, Taylor Nugent, Downside, Stella Qiu, Tom Hogue, Edwina Gibbs, Miral Organizations: REUTERS, Rights, Reserve Bank of, Australian Bureau of Statistics, National Australia Bank, Thomson Locations: Sydney's, Australia, Reserve Bank of Australia, Queensland

☆ Australia Aug retail sales post tepid rise, add to rate pause case
▼ + stars: | 2023-09-28 | by ( Stella Qiu | ) www.reuters.com time to read: +2 min

SYDNEY, Sept 28 (Reuters) - Australian retail sales rose modestly in August as consumers continued to cut back on spending in the face of elevated living expenses and high borrowing costs, signalling interest rates may not have to rise further. Data from the Australian Bureau of Statistics (ABS) on Thursday showed nominal retail sales rose 0.2% in August from July, missing analysts' forecast of a 0.3% gain. Sales of A$35.4 billion ($22.56 billion) were up just 1.5% from a year earlier, the lowest gain in percentage terms since August 2021. Data from Commonwealth Bank of Australia showed that younger Australians who are renting or have mortgages are cutting back on purchases, while older Australian who benefit from higher savings rates are still spending. ($1 = 1.5694 Australian dollars)Reporting by Stella Qiu; Editing by Tom Hogue and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Ben Dorber, Stella Qiu, Tom Hogue, Jamie Freed Organizations: Australian Bureau of Statistics, FIFA, Reserve Bank of Australia, Commonwealth Bank of Australia, Thomson

☆ Australia retail sales rebound after fall, annual rate slows further
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

Holiday shoppers stand in line inside a mall in the city centre of Sydney, Australia, December 17, 2020. REUTERS/Loren Elliott/File Photo Acquire Licensing RightsSYDNEY, Aug 28 (Reuters) - Australian retail sales rebounded in July after a sharp fall the previous month, but the annual rate slowed further, a result that should not upset the outlook for interest rates as high borrowing costs work to slow consumer spending. Data from the Australian Bureau of Statistics (ABS) on Monday showed nominal retail sales rose 0.5% in July from June. Ben Dorber, ABS head of retail statistics, said the rebound was boosted by additional spending at catering and takeaway food outlets linked to the 2023 FIFA Women’s World Cup and school holidays. The rate hikes have added hundreds of dollars to average monthly mortgage repayments, weighing on consumer spending, which had been resilient at first thanks in part to savings amassed during the pandemic.

Persons: Loren Elliott, Ben Dorber, Stella Qiu, Jacqueline Wong Organizations: REUTERS, Rights, Australian Bureau of Statistics, Analysts, FIFA, Reserve Bank of Australia, ANZ, Thomson Locations: Sydney, Australia

☆ Australia retail sales extend losing stretch to a third quarter
▼ + stars: | 2023-08-03 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

REUTERS/Daniel Munoz/file photoSYDNEY, Aug 3 (Reuters) - Australian retail sales volumes fell again in the June quarter as cost of living pressures and rising borrowing costs ate into consumer spending power, hampering economic growth and weakening the case for further interest rate hikes. Data from the Australian Bureau of Statistics on Thursday showed real retail sales fell 0.5% in the second quarter to A$35.2 billion ($23.02 billion), matching analyst forecasts. "The widespread fall in sales volumes reflects what retailers have been telling us about consumers focusing on essentials, buying less or switching to cheaper brands," said Ben Dorber, ABS head of retail statistics. Since sales account for around 17% of gross domestic product, the drop will weigh on economic activity and analysts expect barely any growth in the quarter. Thursday's data showed retail prices rose 0.9% in the second quarter, up from 0.7% the previous quarter.

Persons: Daniel Munoz, Ben Dorber, Alan Oster, Oster, Wayne Cole, Muralikumar Anantharaman, Simon Cameron, Moore Organizations: REUTERS, Australian Bureau, Statistics, Reserve Bank of Australia, NAB, Thomson Locations: Sydney's, Australia

☆ Australian shoppers tempted by special offers in May
▼ + stars: | 2023-06-29 | by ( Wayne Cole | ) www.reuters.com time to read: +2 min

SYDNEY, June 29 (Reuters) - Australian retail spending rebounded in May as consumers were tempted by online sales events and promotional discounting, a sign of resilience in consumption that might add to the case for another rise in interest rates. Data from the Australian Bureau of Statistics (ABS) on Thursday showed nominal retail sales rose 0.7% in May from April, when they were flat, handily beating forecasts of 0.1%. The ABS noted an early start to some end of financial year sales events boosted turnover, along with Mother’s Day and a popular "Click Frenzy Mayhem" event. However, service sector inflation remained uncomfortably high and could easily be used to justify a tightening if the RBA board felt it necessary. ($1 = 1.5103 Australian dollars)Reporting by Wayne Cole; Editing by Christopher Cushing, Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: Ben Dorber, Stephen Wu, Wayne Cole, Christopher Cushing, Robert Birsel Organizations: SYDNEY, Australian Bureau of Statistics, ABS, Mother’s, Reserve Bank of Australia, CPI, CBA, Thomson

☆ Australia retail sales rebound in Jan, but pulse slows
▼ + stars: | 2023-02-28 | by ( Wayne Cole | ) www.reuters.com time to read: +2 min

SYDNEY, Feb 28 (Reuters) - Australian retail sales rebounded in January after a surprise plunge in December that owed much to changing spending habits, though the underlining pulse was facing headwinds from high inflation and rising interest rates. Data from the Australian Bureau of Statistics (ABS) on Tuesday showed retail sales rose 1.9% in January from December, when they dived 4.0%. Government spending also added 0.1 percentage points to GDP growth, while drags are seen coming from inventories, housing and consumer spending on goods. "It's clear that high inflation and rising interest rates are weighing on consumer spending," said Sean Langcake, head of macroeconomic forecasting for BIS Oxford Economics. "With spending still rebalancing toward services and weaker fundamentals for consumption growth, we expect retail sales growth will be quite patchy over 2023."

☆ Australia Dec retail spending nosedives in warning for economy
▼ + stars: | 2023-01-31 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

Retail sales fell 3.9% in December from November, after 11 months of consecutive gains, Australian Bureau of Statistics (ABS) data showed on Tuesday, suggesting that rate hikes so far are working as intended. "The large fall in December suggests that retail spending is slowing due to high cost-of-living pressures," said Ben Dorber, ABS head of retail statistics. "With the impact of the 2022 rate hikes yet to be fully realised, we still expect two more hikes to be delivered in the first quarter." After the data, futures markets still priced in a hefty 85% chance the cash rate would be raised by a quarter-point next week to 3.35%. An analysis by UBS on Tuesday projects a sharp slowing in spending by those who hold "extra" cash savings to a well-below trend pace from mid-2023.

☆ Australia retail sales up again in Sept as spending stays resilient
▼ + stars: | 2022-10-31 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

SYDNEY, Oct 31 (Reuters) - Australian retail sales posted another solid increase in September thanks to spending on food, clothing and eating out with consumption staying surprisingly resilient in the face of surging inflation and higher interest rates. Data from the Australian Bureau of Statistics (ABS) on Monday showed retail sales rose 0.6% in September from August to a record A$35.1 billion ($22.48 billion). Markets are wagering on a quarter-point hike to 2.85%, with a one-in-five chance of a return to 50 basis point moves given inflation surprised on the high side in the third quarter. He noted the hefty 250 basis points if tightening already delivered would have had little effect on inflation in the third quarter, or even this quarter, given inflation is a lagging indicator. ($1 = 1.5615 Australian dollars)Reporting by Wayne Cole; Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

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