Australia's retail turnover grows 0.5% in July 2023: ABS

Most non-food sectors witnessed an upswing in July, reversing the trend of larger falls in June. Department stores led the way with a 3.6 per cent increase, followed by clothing, footwear, and personal accessory retailing, which saw a 2 per cent rise. Other retail sectors experienced a modest 0.3 per cent increase. However, household goods retailing recorded a second consecutive monthly fall of 0.2 per cent, marking the eighth such decline in turnover in the past 12 months.

Retail turnover exhibited a varied performance across different states and territories. New South Wales, Victoria, Queensland, and the Australian Capital Territory experienced an increase in July, bouncing back after significant declines in June, as per NBS.

"The rise in July is a partial reversal of last month’s sharp decline in turnover. This was after weaker-than-usual end of financial year sales. While there was a rise in July, underlying growth in retail turnover remained subdued. In trend terms, retail turnover was unchanged in July and up only 1.9 per cent compared to July 2022, despite considerable price growth over the year,” said Ben Dorber, ABS head of retail statistics.

ALCHEMPro News Desk (DP)