Australian Economy

Aussie retail sales still rising despite rate hikes

Leith van Onselen
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The Australian Bureau of Statistics (ABS) today released retail sales data for May, with sales rising for their fifth consecutive month by 0.9% to be up 10.4% year-on-year:

Monthly retail turnover

Retail sales were positive across all categories except clothing & footwear:

Monthly retail sales by component
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Sales were also positive everywhere except QLD and ACT:

Retail turnover by state

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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.