Australia's Aug retail sales fall 1.7%, still beat forecasts

[SYDNEY] Australian retail sales dived a third straight month in August as half the population were stuck in coronavirus lockdowns, although the drop was not as severe as analysts feared.

Figures from the Australian Bureau of Statistics on Tuesday showed retail sales fell 1.7 per cent in August to A$29.3 billion (S$28.85 billion). That followed a 2.7 per cent drop in July, but it beat market forecasts for a 2.5 per cent slide.

Australia's A$360 billion retail sector accounts for around 18 per cent of gross domestic product and further weakness is expected this month with Sydney, Melbourne and Canberra all locked down.

REUTERS