Australia's retail sales jump in March: preliminary data

[SYDNEY] Australian retail sales surpassed expectations in March as soaring house prices boosted consumer confidence while the re-opening of state borders allowed cashed-up households to splurge on travel again.

Sales rose 1.4 per cent in March, from February, outpacing market forecasts for a 1 per cent gain, preliminary data from the Australian Bureau of Statistics (ABS) showed on Wednesday.

Sales of A$30.72 billion (S$31.5 billion) were still up a hefty 2.3 per cent on March last year, just when the Covid-19 pandemic hit.

The ABS will release the final estimate for February sales on May 10.

REUTERS