The Australian Bureau of Statistics released September retail sales figures which were pretty much in line with expectations, rising a seasonally adjusted 0.4% for the month and the same as the August figure. The overall rise was driven by sales at restaurant, cafes and household goods and all states had gains except for Queensland and the ACT where seasonally adjusted sales fell 0.3% and 0.1% respectively. On a year-on-year basis, sales were up 3.6%, down from August’s annual figure of 4.5%.
Commonwealth Bank described the September growth rate as “tepid” while Westpac noted the large retailers were behind the increase, as small retailers were struggling. Westpac also made mention of the larger-than-expected increase in the retail price deflator which is a measure of price rises in the sector.
