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Financial News: Australia Retail Sales Growth Fastest In 4 Months

Australia Retail Sales Growth Fastest In 4 Months

08/29/2022 - 02:00:00 (RTTNews)

(RTTNews) - Australia's retail sales grew at the fastest pace in four months in July, preliminary data from the Australian Bureau of Statistics showed on Monday.

Retail sales gained by more-than-expected 1.3 percent month-on-month in July, faster than the 0.2 percent rise in June.

This was the biggest growth since March, when sales had advanced 1.6 percent. Economists had forecast a moderate increase of 0.3 percent.

Retail sales grew 16.5 percent on a yearly basis after June's 12.0 percent increase.

"Turnover rose in five of the six retail industries in July 2022," Ben Dorber, head of retail statistics at the ABS, said. "This shows that, despite cost-of-living pressures, households are continuing to spend."

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