Retail Turnover On The Slide

More evidence of strained household budgets with the release today of the August 2017 ABS data on Retail Turnover.

Australian retail turnover fell 0.6 per cent in August 2017, seasonally adjusted, according to the latest Australian Bureau of Statistics (ABS) Retail Trade figures. This follows a fall of 0.2 per cent in July 2017.

In seasonally adjusted terms, there were falls in food retailing (-0.6 per cent), cafes, restaurants and takeaway food services (-1.3 per cent), household goods retailing (-1.0 per cent) and clothing, footwear and personal accessory retailing (-0.2 per cent). There were rises in department stores (0.7 per cent) and other retailing (0.1 per cent) in August 2017.

In seasonally adjusted terms, there were falls in all states and territories. “Victoria (-0.8 per cent) and Queensland (-0.8 per cent) led the falls,” said Ben James, Director of Quarterly Economy Wide surveys.

“There were also falls in New South Wales (-0.2 per cent), Western Australia (-0.6 per cent), South Australia (-0.6 per cent), the Australian Capital Territory (-0.8 per cent), Tasmania (-0.7 per cent) and the Northern Territory (-0.7 per cent).”

The trend estimate which irons out the bumps was a little more sanguine, with retail turnover rising 0.1 per cent in August 2017 following a 0.1 per cent rise in July 2017. Compared to August 2016, the trend estimate rose 2.8 per cent.

Some significant state variations, but overall direction is clearly down.

Online retail turnover contributed 4.6 per cent to total retail turnover in original terms.

More evidence of stressed household budgets, which is no surprise given the current economic settings.

Author: Martin North

Martin North is the Principal of Digital Finance Analytics

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