PT Solid Gold Berjangka | Australia Retail Sales Beat Estimates, Adding to Rate Hike Case
Retail Sales Ekonomi Australia Australian Retail Sales PT SGB Solid Gold Berjangka Solid Group SG Berjangka
Solid Gold Berjangka | Australian retail sales grew more than expected in January, driven mainly by spending on discounts in the face of rising borrowing costs.
Data from the Australian Bureau of Statistics showed sales rose 0.6 per cent from the previous month, doubling the 0.3 per cent increase in economists’ estimates. The result follows a profit of 0.1% per month.
From the previous year, retail sales have risen by 1.7%, well below the pace seen in early 2023 of 4%-5%.
Robert Ewing, Head of Business Statistics at the ABS, said: “Retail sales this month have continued to rely on discounts and sales events to stimulate discretionary spending following subdued spending in recent months, with careful shoppers taking advantage of early promotions and sales events at the end of the fiscal year.”
Given that consumption accounts for more than half of gross domestic product, retail sales can be an important consideration in policy making. The Reserve Bank of Australia has repeatedly stressed that the outlook for household spending now remains consumer sentiment and significant uncertainty amid a slump of more than two years.
Consumer spending has been hit hard by the RBA’s rate hike from 2022-5 to 2023-11, but inflation is still worrying.13
Source: Bloomberg