Australia’s retail sales turnover registered a 0.9% mom growth in September to AUD 35.87B. This robust performance dwarfed the modest analyst expectations of a 0.3% mom growth. On an annual basis, sales turnover presented a rise of 2.0% yoy compared to the same month in the preceding year.
Speaking on the development, Ben Dorber, ABS head of retail statistics, elucidated, “The strong rise in September came from a diverse range of factors across the Retail industry.” He pinpointed the uncommonly warm onset of spring as a significant catalyst while technology and energy-conscious programs also had their roles.
However, while September’s figures paint a buoyant picture, Dorber pointed to a more restrained broader context.
“While the rise in September was the largest since January, subdued spending for most of 2023 means that underlying growth in Retail turnover remains historically low,” he said.
Adding weight to this perspective, he shared that “Retail turnover in trend terms is up only 1.5 per cent compared to September 2022 – the smallest trend growth over 12 months in the history of the series.”
