Australia: Growth in retail sales volumes likely to have softened - Kiwibank
The first partial indicator of September quarter GDP data for Australian economy, the Q3 retail trade survey, is to be released on Thursday and growth in sales volumes is likely to have softened over the quarter, in part due to pre-election uncertainty dampening households’ appetite to spend, suggests the research team at Kiwibank.
“The housing market remained subdued over the quarter, and may feed through to softer spending on durable goods. A higher turnover of properties tends to stimulate spending on items to spruce up homes. In addition, spending by tourists is also expected to have experienced some payback following the boost provided by major international sporting events held in NZ (the British and Irish Lions tour, and World Masters games) over the June quarter. However, there is room for an upward surprise in retail sales. Consumer confidence held up well over this period as a tightening labour market supported household incomes.”