The ABS released their August 2019 retail figures today, and the data confirms the slowing economy, and that despite 2 rate cuts and tax refunds, households are unwilling or unable to spend. This is consistent with our surveys data which shows any free cash is going towards paying down debt, a sign of reduced levels of confidence and rising levels of financial stress.
- The trend estimate rose 0.1% in August 2019. This follows a rise of 0.2% in July 2019, and a rise of 0.2% in June 2019.
- The seasonally adjusted estimate rose 0.4% in August 2019. This follows a relatively unchanged result (0.0%) in July 2019, and a rise of 0.3% in June 2019.
- In trend terms, Australian turnover rose 2.3% in August 2019 compared with August 2018.
- The following industries rose in trend terms in August 2019: Food retailing (0.1%), Other retailing (0.3%), Clothing, footwear and personal accessory retailing (0.3%), and Household goods retailing (0.1%). Cafes, restaurants and takeaway services (-0.1%), and Department stores (-0.1%) fell in trend terms in August 2019.
- The following states and territories rose in trend terms in August 2019: Victoria (0.2%), Western Australia (0.3%), Queensland (0.1%), Tasmania (0.4%), and the Australian Capital Territory (0.2%). New South Wales (0.0%), South Australia (0.0%), and the Northern Territory (0.0%) were all relatively unchanged in August 2019.
Online retail turnover contributed 6.2 per cent to total retail turnover in original terms in August 2019. In August 2018, online retail turnover contributed 5.6 per cent to total retail.
