The Australian Bureau of Statistics (ABS) Retail Trade figures have been released for June 2017 and the news is bright for retailers, with sales up by 0.3 percent overall.
Queensland, Tasmania and NSW recorded the best returns with a rise of 0.7 per cent, 0.6 per cent and 0.5 per cent respectively.
“In seasonally adjusted terms in June 2017, we saw rises in Household goods retailing (0.9 per cent), Cafes, restaurants and takeaway food services (0.5 per cent), Clothing footwear and personal accessory retailing (0.8 per cent) and Other retailing (0.2 per cent),” said Ben James, Director of Quarterly Economy Wide Surveys. “There was a fall in Department stores (-0.3 per cent), while Food retailing (0.0 per cent) was relatively unchanged.”
The trend estimate for Australian retail turnover also rose 0.4 per cent in June 2017 following a 0.4 per cent rise in May 2017.
The ABS report echoes the sentiments of the ANZ Roy Morgan Consumer Confidence Index which was released yesterday and also suggested a slight pick up in spending.
When coupled with a falling unemployment rate and a slight jump in full-time jobs, it’s good news for small business.