X

April retail rose just 0.2%, as retail boss calls on Reserve to cut rates further.

Australian retail turnover rose 0.2 per cent in April, new ABS figures show. 
This slight rise followed a fall of 0.4 per cent in March. 
Australian Retailers Association Executive Director Russell Zimmerman said the minimal rise was a further sign that the retail sector is still facing significant challenges, and called on the Reserve Bank to cut interest rates to “at least 2.5 per cent” tomorrow. 
However, there was some good news for the ailing sector – annual turnover rose 3.1 per cent in April, seasonally adjusted, compared to a year ago.  
“Despite the interest rate cut of 25 basis points to 2.75 percent last month, the RBA needs to cut official rates to 2.5 per cent to get variable mortgage rates to a level of 6 per cent in order to address a compromised economic situation,” Mr Zimmerman said.
Electrical and electronic goods retail showed a slight rise of 0.2%, Food (+0.5%), clothing, footwear and personal accessory retailing (+1.8%), and other retailing (0.1%), which includes cosmetic and toiletry, all rose. 
However, there was not such good news for the likes of Myer, with falls in department stores ( down 2 per cent) and household goods retailing was also down (0.6 per cent).
 

Over the longer term, the largest contributor to growth remains food retailing, the ABS said today. 

New South Wales, Victoria, and the Australian Capital Territory were the strongest performers, while Western Australia (-0.8 per cent), Tasmania (-1.0 per cent) and the Northern Territory (-1.6 per cent) were all down. 
“Overall, the 0.2 per cent increase in April illustrates that consumers are still holding on to their purse strings and discretionary spending remains tight. It is evident there is a lack of consumer confidence in the whole economic situation in Australia,” Mr Zimmerman added. 
Westan 728x90px Retail Up Just 0.2%
250527 SAV Channel news June25 Leaderboard 728x90 1 Retail Up Just 0.2%
Arlo July Promo Digital 728x90 2 Retail Up Just 0.2%
728x90 Retail Up Just 0.2%
4Square Media Banner Ads Update at 5 July JSAU05JUL1 Buddy 728x90 1 Retail Up Just 0.2%
Uniden Channelnews SoloX July 2024 728x90 1 Retail Up Just 0.2%
ELX DIG Crosscat Promo 728x90 Mar25 Retail Up Just 0.2%
ChannelNews AZ100 728x90 Retail Up Just 0.2%
JBL TourPro3 728x90 Retail Up Just 0.2%
Marshall 728x90 1 Retail Up Just 0.2%
Px7 S3 728x90 1 Retail Up Just 0.2%
BlueAnt 4SQM PumpAirUltra 728x90px Retail Up Just 0.2%
728x90 Retail Up Just 0.2%
Skullcandy 728x90 1 Retail Up Just 0.2%
appliance retailer leaderboard may 728x90 Hitachi updated Retail Up Just 0.2%
GOTHAM 728px x 90px Retail Up Just 0.2%
728 x 90 Retail Up Just 0.2%
FA 979 HN MDF SG14 14gen 728x90 1 Retail Up Just 0.2%
Hisense KV BannerAd 728 90 Retail Up Just 0.2%
BEL2535 BPB024 4SQ Banners 728x90 Retail Up Just 0.2%
Flick of a switch 728x90 1 Retail Up Just 0.2%
HAIER Series 600 FLW HPD Pairs 728x90 1 Retail Up Just 0.2%
4Square Media Banner Ads Update at 5 July JSAU05JUL1 MR 728x90 1 Retail Up Just 0.2%
AU X8 Banner 728x90 Retail Up Just 0.2%
MOTO 36331576 Q3 Ad Banners 728x90 2 Retail Up Just 0.2%


YOU MAY ALSO LIKE