The Australian Bureau of Statistics (ABS) has just released retail sales figures for the month of June, which registered no change on a seasonally-adjusted basis versus an expected 0.4% rise. Annual sales growth clocked in at a meagre 1.1% (2.9% trend):
Retail sales have been relatively stronger in the resource states and the ACT, and weaker elsewhere:
Performance across the key components continues to paint a mixed picture. Retail sales based on eating and drinking remains solid, with food retailing and cafes, restaurants & takeaway food dominating sales growth, whereas most other components have recorded weak or negative growth over the year (see next chart).
Overall, there’s not much joy in this release, with retail sales again disappointing analysts’ expectations and registering only minimal growth over the past year. Moreover, much of the growth has been in the non-discretionary segment (i.e. food retailing), with sales in most discretionary segments going backwards.
