Money Australia retail sales go flat in March, take fizz out of economy

13:05  08 may  2018
13:05  08 may  2018 Source:   reuters.com

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Tuesday's figures from the Australian Bureau of Statistics showed retail sales were flat in March , which compared with analyst expectations for a 0.3 percent rise. This fragility was highlighted by the Reserve Bank of Australia (RBA) in its latest outlook for the economy .

SYDNEY, May 8 — Australia 's retail sales were surprisingly soft in March with spending falling on everything from clothes to restaurants, in a Today's figures from the Australian Bureau of Statistics showed retail sales were flat in March , which compared with analyst expectations for a 0.3 per cent

a group of people walking on a sidewalk: A man carries several shopping bags as he walks along George Street in Sydney.© Reuters/Daniel Munoz A man carries several shopping bags as he walks along George Street in Sydney. Australia's retail sales were surprisingly soft in March with spending falling on everything from clothes to restaurants, in a sorry end to the quarter that underlined concerns about the health of household consumption.

Tuesday's figures from the Australian Bureau of Statistics showed retail sales were flat in March, which compared with analyst expectations for a 0.3 percent rise. After adjusting for inflation, sales edged up just 0.2 percent in the March quarter, again well short of the 0.6 percent forecast.

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Retail sales were flat in March , which compared with analyst expectations for a 0.3 per cent rise. This fragility was highlighted by the Reserve Bank of Australia (RBA) in its latest outlook for the economy . Governor Philip Lowe warned it was unlikely inflation would revive as desired unless wage

Retail sales were flat in March , which compared with analyst expectations for a 0.3 per cent rise. Politics. The 15 Most Savage Responses to Sarah Huckabee Sanders Getting Kicked Out Economy .

That augured ill for economic growth given annual retail sales of around $315 billion account for almost 18 percent of gross domestic product (GDP).

It was particularly disappointing as recent upbeat data on exports had suggested growth might have picked up smartly in the March quarter, an outcome that now looked in doubt.

"Conditions remain tough for bricks and mortar retailers, with weak wage and income growth, rising prices for essentials such as electricity, and increased competition all putting downward pressure on sales," said Sarah Hunter, head of Macroeconomics Australia for BIS Oxford Economics.

The poor retail news came just hours before the government of Prime Minister Malcolm Turnbull hands down an annual budget that is likely to be laced with pre-election sweeteners.

The Australian dollar fell back under US75 cents after retail sales stalled

  The Australian dollar fell back under US75 cents after retail sales stalled Australian retail sales stalled in March, coming in flat against forecast monthly growth of 0.2%. Quarterly retail sales also missed the mark, with growth of just 0.2% for the three months to March -- less than the 0.5% forecast.Currency markets have reacted and the Australian dollar is back under US75 cents for the first time in a week.Here's the price action on a five-minute chart:© Provided by Business Insider Inc AxiTrader's Greg McKenna told BI that last week's low of 0.7472 US cents now marks a key support level for the Aussie."In the very short term, yesterday’s low around 0.

Australia Retail Sales MoM. Start Trading. Release Date. Investing.com - The dollar opened the week sliding in morning trade in Asia Monday but holding on to most of its strength even as confidence in the U.S. economy was boosted by a strong jobs report

In Australia , Retail sales are seasonal, volatile and relatively important to the overall economy . Retail trade in Australia rose by 0.4 percent month-on-month in April of 2018, compared to a flat reading in a month earlier.

High on the giveaway list will be tax relief for low and middle income families, tax breaks for retirees and promises of more spending on infrastructure.

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Australian Bureau of Statistics’ (ABS) data published on Thursday showed retail sales were flat in July, upsetting expectations for a 0.3 percent increase after a solid 1.8 Data out on Wednesday showed Australia ’s A.7 trillion economy expanded 1.8 percent last quarter from a year ago.

But facing intransigent unions at home and competition from abroad, the airline’s financial fizz is rapidly going flat . A drawn- out fight with its unions has toppled the boss of its parent group, Air France-KLM, yet again. Retail sales , producer prices, wages and exchange rates.

Any boost to household incomes would be welcome given anaemic wages growth, high mortgage debt and easing home prices are all sapping spending power.

This fragility was highlighted by the Reserve Bank of Australia (RBA) in its latest outlook for the economy. Governor Philip Lowe warned it was unlikely inflation would revive as desired unless wage growth also picked up meaningfully.

Some surveys have reported firms are finding it harder to find skilled labour, yet there are few signs of that translating into a broad-based acceleration in pay deals.

"We see growth holding a little below trend on average through 2018 and 2019 and, as a result, anticipate little progress on wages and inflation," argued Westpac chief economist Bill Evans.

"Combined with the broad-based softening of the housing market, there is little to no justification for a rate hike in 2018 or 2019."

Interest rates have already been stuck at a record low of 1.5 percent since August 2016, the longest steady stretch since the cash rate was first introduced in 1990.

Currently the futures market is not fully priced for a hike until August next year.

Australian retail sales were terrible in March, and they may have been even worse in April .
Australian retail sales were unchanged in March, a disappointing outcome after a solid increase in February. New data from the NAB points to the likelihood that sales fell in April.It added that "consumption had been relatively resilient to the slower growth in household income over recent years".

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