Australian June retail sales rise 2.4% m-o-m, extend strong rebound

[SYDNEY] Australian retail sales climbed 2.4 per cent in June, a strong outcome given it followed a record 16.9 per cent surge in May as the economy continued to re-open from coronavirus lockdowns.

The Australian Bureau of Statistics on Wednesday reported its preliminary estimate of retail sales rose to A$29.7 billion (S$29.33 billion) in June, up a robust 8.2 per cent on the same month last year. That compared with average annual growth of just 2.7 p er cent in 2019.

There were large increases in turno]ver in cafes, restaurants and takeaway food services, and clothing, footwear and personal accessory retailing.

The ABS said that late in June there was some evidence of stockpiling of goods such as toilet paper, flour, rice and pasta. A new outbreak of the virus was gaining pace in Victoria in late June which eventually saw Melbourne locked down again.

REUTERS