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Indicator Digest

Retail Sales
Retail sales is a signal of economic growth because it measures how much money is spent at the consumer level. Consumer consumption accounts for two-thirds of many developed economies.

Main Indicator: Retail Sales m/m

Most Recent Release

March
1st, 2010
Actual Forecast Previous Revised Form
1.2% 1.0% -0.9% -0.7%
For January (s.a.)
Current Release: Australian Bureau of Statistics

Table of Past Data

5/316/308/39/89/2911/312/21/62/33/1
Actual0.3%1.0%-1.4%-1.0%0.9%-0.2%0.3%1.4%-0.7%1.2%
Forecast0.5%0.5%0.5%0.6%0.6%0.5%0.4%0.4%0.3%1.0%
Previous2.2%0.3%1.0%-0.8%-0.9%0.7%-0.2%0.4%1.5%-0.9%
Revised FromN/AN/AN/A-1.4%-1.0%0.9%N/A0.3%1.4%-0.7%

Past Releases

February
3rd, 2010
Actual Forecast Previous Revised Form
-0.7% 0.3% 1.5% 1.4%
For December (s.a.)
Current Release: Australian Bureau of Statistics
January
6th, 2010
Actual Forecast Previous Revised Form
1.4% 0.4% 0.4% 0.3%
For November (s.a.)
Current Release: Australian Bureau of Statistics
December
2nd, 2009
Actual Forecast Previous Revised Form
0.3% 0.4% -0.2% N/A
For October (s.a.)
Current Release: Australian Bureau of Statistics
November
3rd, 2009
Actual Forecast Previous Revised Form
-0.2% 0.5% 0.7% 0.9%
For September (s.a.)
Current Release: Australian Bureau of Statistics
September
29th, 2009
Actual Forecast Previous Revised Form
0.9% 0.6% -0.9% -1.0%

For August (s.a.)
Current Release: Australian Bureau of Statistics

Australian retail sales posted a better than expected 0.9% gain in August, led by a 2.4% increase in department store sales. The data adds a positive counter-balance to the idea that the economy will slow as the impact of the government's massive fiscal stimulus fades. It also could help bring the Reserve Bank of Australia one step closer to raising rates. RBA Governor Glenn Stevens said this week interest rates will need to rise in a "timely" manner to avoid the emergence of imbalances in the economy. Though the bank meets next week, a change then is not expected, though the next meeting in November could see the central bank start its tightening campaign. The bank will have more inflation data by then, as well as a chance to see how economic growth is holding up through the middle of the 4th quarter. 

September
8th, 2009
Actual Forecast Previous Revised Form
-1.0% 0.6% -0.8% -1.4%

For July (s.a.)
Current Release: Australian Bureau of Statistics

In the first back to back declines in retail sales since March-April 2005, July's figures fell 1.0%, disappointing forecast of 0.6%. Retail sales came in at a seasonally adjusted $19.62B in July from $19.82B in June. However, the ABS noted that sales put on 5.2% from a total of 18.65B in 2008. The decline was broad based, and shows reflects the waning effects of the federal stimulus given out in the first half of the year.

August
3rd, 2009
Actual Forecast Previous Revised Form
-1.4% 0.5% 1.0% N/A
For June (s.a.)
previous Release: Australian Bureau of Statistics
June
30th, 2009
Actual Forecast Previous Revised Form
1.0% 0.5% 0.3% N/A
For May (s.a.)
Current Release: Australian Bureau of Statistics
May
31st, 2009
Actual Forecast Previous Revised Form
0.3% 0.5% 2.2% N/A

For April (s.a.)
Official Release: Australian Bureau of Statistics

Australia's retail sales rose 0.3% in April, the second straight month that sales were up, though the figure was lower than forecast. Consumers have seen their incomes buttressed by government handouts. Borrowing costs are also at their lowest level in half a century. The Reserve Bank of Australia is expected to keep rates steady at 3% as it waits to assess whether the government fiscal stimulus plan and the lower borrowing costs will revive the Austrian economy.