Australia’s retail sales turnover increased by 0.6% mom to AUD 35.94B in May, well above expectation of 0.3% mom. On an annual basis, sales grew by 1.5% yoy.
Robert Ewing, ABS head of business statistics, highlighted the influence of early end-of-financial-year promotions and sales events on the boosted turnover.
Despite this seasonally adjusted rise, the underlying trend in spending remains flat. Retail businesses have increasingly relied on discounting and sales events to drive discretionary spending, following several months of restrained consumer activity.
