NAB online retail sales crash to worst ever

Tuesday, 2 April 2019

Because falling house prices always boost consumption:

• We have made some significant changes to the NAB online series (for more details see Appendix). Importantly, we have merged SME and Corporate Online into a single index, and provide more detail by region and industry on a monthly basis.

• On that basis, the NAB Online Retail Sales Index contracted -3.4% in February on a month-on-month, seasonally adjusted basis. While the January result was revised up to near flat (was -0.5% mom, s.a.), the February result is the lowest recorded for online retail.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.