Slowing retail sales puts dent in household consumption

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The ABS has released retail trade data for March, which rose another 1.3% month-on-month to be up 2.2% year-on-year:

Retail sales

Retail sales continue to grow, but at a falling rate.

In quarterly chain volume terms, retail sales fell by 0.5% over the March quarter but were up 4.7% year-on-year:

Quarterly retail turnover

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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.