Commentary Directory
- Q1 GDP Growth Jumps 1.1% on Strong Personal Consumption
- A Strong March Leads to a Surge in Chinese GDP in Q1 2023
- Durable Goods Retail Sales Suffer from High Interest Rates and Wary Consumers
- Choppy GDP Means UK Should Avoid Q1 Recession
- Japanese Consumer Confidence Jumps to Highest Level in Over a Year
- The End of Summer Sees the End of Disinflation in Europe
- Labor Market Indicators are Starting to Unify on Easing in Hiring
- Inflation and Tight Financial Conditions Weigh on the German Consumer
- Euro Area Money Supply Contracts for the First Time Since 2010
- Dismal Economic Data Out of Germany
- Core Durable Goods New Orders See Gentle Uptrend in July
- More UK Data Pointing to Q3 Decline
- Whispers of a UK Contraction in Q3
- Japan's Core Inflation Resumes Uptrend in July
- Early July Economic Data Leads to a Sharp Increase in Q3 Growth Expectations
- UK CPI: Energy Inflation Crashes but Services Inflation is Still Sticky
- China's Weak Start to Q3 Means More PBoC Easing
- A Breather for the Eurozone as Inflation Hits Two-Year Low
- Germany's September CPI Report: A Clearer Picture of Inflation Trends
- US Manufacturing Demonstrates Resilience Amidst Volatility in August
- The ECB Prepares to Address Excess Liquidity Through the MRR
- Bank of Japan is Too Optimistic on Inflation
- The Bank of England Pauses in a Near Split Decision
- UK Inflation August Update: A Precursor to the Bank of England's Announcement
- Housing Starts Tumble in August Amid Rising Mortgage Rates
- US Retail Sales Grow at Fastest Monthly Rate Since the Start of the Year
- US Consumer Prices Surge in August Driven by Energy Costs
- August NFIB Survey Showed a Tough Environment for Small Businesses
- All Signs Point to a Weaker Labor Market in August
- Chinese CPI Trying to Buck the Deflation Trend
- Energy Prices Rise but the Core Disinflationary Trend is Maintained in September
- PPI's Quiet Rise and the Energy Elephant in the Room
- Small Businesses Grapple with Inflation and Financial Strain in September
- A Wacky September Jobs Report Shows Strong Labor Market
- A Look at the Fragile US Labor Market Ahead of the Nonfarm Payrolls Report
- Thoughts on GME and This Week in the Stock Market
- Record Home Price Levels Point to Strength in Post-Pandemic Economy
- The Stock Market Looks Overvalued, but It's Probably Not
- China GDP Growth Surpasses Expectations
- President-elect Joe Biden Introduces His "American Rescue Plan"
- Political Polarization Intensifies with Another Impeachment Along Party Lines
- Metal Demand Has a Bright Future in 2021 and Beyond
- What Happened to That US-China Trade Dispute?
- Civil Unrest, A Rising Threat to the 2021 Economy
- What's in the $900 Billion Relief Plan?
Australia Retail Sales: August 2023
Jacob Hess
September 27, 2023
- EconoBrief
- Australia
Australia Retail Sales
9/27/2023 (August 2023)
+0.2% MoM (+1.5% YoY)
Below Expectations
Highlights
| Food | -0.3% MoM |
| Household Goods | -0.4% MoM |
| Clothing | +1.3% MoM |
| Restaurants | +0.7% MoM |
Australian retail turnover increased by 0.2% in August, following a 0.5% rise in July and a -0.8% decrease in June. This modest growth in August reflects a continued restraint in consumer retail spending. Year-over-year, retail turnover grew by only 1.3% compared to August 2022, marking the smallest 12-month trend growth in the series' history. This low growth rate underscores the impact of cost-of-living pressures on consumer behavior, despite inflation and population growth. Among retail categories, clothing, footwear, and personal accessory retailing saw the most significant rise at 1.3%, boosted by warmer weather, promotional activities, and the 2023 FIFA Women’s World Cup. In contrast, household goods and food retailing experienced declines. Retail turnover results varied across states and territories.
Australia’s retail sales gains benefited slightly from the 2023 Women’s World Cup, so excluding that, consumers did not spend much at all in August. In fact, because the tournament spanned July as well, it’s likely that some of the gain in that money was also attributed to the World Cup. The reality is that Australian consumers are starting to retract on their spending amidst higher interest rates and a worsening financial situation. The only thing propping up consumption right now is strong incomes, and once those start to diminish, sales will see significant declines.
© MTS Insights 2023