Australia’s retail sales exceeded expectations in May, consumer spending showed resilience
2023-06-30 00:53:34 Source: Financial circles share to:
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Australian retail sales rose more than expected in May, showing resilience in consumer spending amid rising interest rates and living costs.
Data released by the Australian Bureau of Statistics on Thursday showed retail sales rose 0.7% in May from the previous month, beating expectations for a 0.1% increase. The ONS said this was mainly driven by discretionary spending and eating out.
“Retail growth reflects some resilience in consumer spending,” Australian Bureau of Statistics director of retail statistics Ben Dorber said. “Retail growth was underpinned by higher spending on food and eating out, as well as higher spending on consumer discretionary goods.”
Australia’s retail sales posted the biggest increase since January and the job market remains tight, pointing to some strength in the economy. Yields on policy-sensitive three-year Treasury notes were higher after the data. The Australian dollar edged higher as traders increased bets that the Reserve Bank of Australia would raise interest rates next week, while stocks pared gains.
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