Australia's retail sales up by 0.4% MoM, 5.4% YoY in Mar 2023

Retailing in department stores in Australia fell 0.2 per cent at -$3.7 million in March 2023, in seasonally adjusted terms. Moreover, other retailing was relatively unchanged at -$0.9 million in March, in seasonally adjusted terms, ABS said in a press release.

Retail turnover rose modestly across the states and territories, with most rises below 1.0 per cent. Queensland at 1.2 per cent was the only state or territory to record a rise over 1.0 per cent, and this was a bounce back from a 0.4 per cent fall in February.

Ben Dorber, ABS head of retail statistics, said: “While retail sales recorded a third straight rise in March, a pull-back in spending on discretionary goods has seen monthly turnover remain at a similar level to six months ago.

“Spending on non-food retailing has slowed in response to interest rate rises and increased cost of living pressures. This follows increased spending during and immediately following much of the COVID-19 pandemic period.”

ALCHEMPro News Desk (NB)