Australia retail sales rose 1.3% mom in September, much better than expectation of 0.2% mom. That’s the first monthly growth since May. For the 12-month, sales rose 1.7% yoy.
“Retail turnover continues to vary by state, based on whether restrictions were imposed, removed or extended. Queensland sales rose to their highest level ever, up 5.2 per cent, with no lockdowns in September,” Ben James, Director of Quarterly Economy Wide Statistics said.
“New South Wales also experienced a rise of 2.3 per cent despite having lockdowns, as some restrictions were eased or lifted. However, turnover for New South Wales remains 11.9 per cent lower than May 2021, the month before the most recent lockdown began.”
Also released, PPI came in at 1.1% qoq, 2.9% qoq in Q3, versus expectation of 0.6% qoq, 3.2% yoy. Price sector credit rose 0.6% mom in September, matched expectations.
