Australia’s retail sales fell -0.4% mom in March, well below expectation of 0.2% mom.
Ben Dorber, ABS head of retail statistics, highlighted the impact of cost of living pressures on consumer behavior.
He further noted the stagnation in the sector, stating, “Underlying retail turnover has been flat for the past six months and was up only 0.8 percent compared to March 2023.”
This represents one of the weakest growth rates on record for this period, excluding the unique economic circumstances induced by the pandemic and the introduction of GST.
