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With yesterday’s strong iPhone 6-induced retail sales easily beating analyst’s expectations retail sales are now expected to make a positive contribution to Australia’s September quarter GDP when the national accounts are released on 3 December.
As reported earlier, monthly sales values registered 1.2% growth in September on a seasonally-adjusted basis, which was above analyst’s expectations of 0.3% growth. However, in quarterly real chain volume terms, retail sales rose by 1.0%, which was a big positive turnaround from the June quarter’s -0.1% growth.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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