Australia’s retail sales turnover for July showed a 0.5% mom increase, reaching AUD 35.38B, surpassing anticipated 0.3% mom rise. When compared to figures from July 2022, turnover has risen by 2.1% yoy.
Commenting on the rebound, Ben Dorber, ABS head of retail statistics, noted, “The rise in July is a partial reversal of last month’s sharp decline in turnover.” He attributed the June dip to “weaker-than-usual end of financial year sales.”
However, Dorber cautioned against interpreting July numbers as a sign of robust retail health. Elaborating on the sector’s underlying momentum, he stated, “While there was a rise in July, underlying growth in retail turnover remained
Supporting this perspective, Dorber pointed out the lack of substantial movement in the trend terms: “In trend terms, retail turnover was unchanged in July and up only 1.9 per cent compared to July 2022, despite considerable price growth over the year.”
