📊 ABS Data

This shows retail sales nationally rose 0.6 per cent in May, but there was little to celebrate for businesses, with the Bureau of Statistics attributing the rise to strong discounting and sales promos before the new financial year.

On a per-person basis, retail spending was well below a November 2022 peak.

What does this mean for us?

➡ A decrease in spending could reduce buying demand, and impact therefore inflation (down toward RBA target)

➡ Households are definitely doing it tough. It appears Interest Rate and Rent increases are flowing through to spending behaviour

➡ Total spending should overall decrease with the recent changes (reduction) in net immigration to Australia.

Source: ABS, AFR (contact us for full article)

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