Aussie retail sales down as interest rates bite

The Australian Bureau of Statistics (ABS) has released retail sales figures for October, with turnover down 0.2% over the month – the first monthly decline of 2022:

Commenting on the result, ABS head of retail statistics, Ben Dorber, noted that “the October fall in retail turnover ends a run of nine straight monthly rises and suggests increased cost of living pressures including interest rate rises have started to weigh on consumer spending”.

“Turnover fell in all industries in October except for food retailing, which rose 0.4% boosted by flood-related spending in parts of Australia and continued high food prices”.

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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.