Retail spending falls in July
Australian retail spending fell 0.1 per cent in July, official figures show, which was worse than economists’ expectations of a 0.4 per cent rise.
It was an weaker than June’s 0.6 per cent rise (seasonally adjusted) and the first monthly fall in retail spending since May, 2014.
Total retail spending was $24.31 billion in July, down from $24.33 billion in June, the Australian Bureau of Statistics said on Thursday.
In trend terms, there was growth in New South Wales (0.4 per cent), Victoria (0.2 per cent), Western Australia (0.1 per cent), the Australian Capital Territory (0.5 per cent), South Australia (0.1 per cent) and the Northern Territory (0.3 per cent).
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Queensland and Tasmania were relatively unchanged.
Meanwhile, Australia’s trade balance has stayed in the red with a deficit of $2.46 billion in July, following a deficit in June of $3.05 billion.
Economists had expected a deficit of $3.1 billion in July.
Exports rose 2.0 per cent, while imports were flat, the Australian Bureau of Statistics said on Thursday.
– with AAP
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