Australians make a chilly start to winter
by Alan Thornhill
Australians spent less as winter approached, cutting their clothing budgets by 5 per cent.
Retail sales figures, that the Australian Bureau of Statistics released today, showed that Department stores are having a particularly tough time.
Their takings fell by 5.2 per cent in June.
On seasonally adjusted figures, overall retail sales that month were 1 per cent lower than they had been a month earlier.
Retail sales have been falling sharply all year.
There was better news on the trade front, though.
Australia’s exports rose by 2 per cent,on seasonally adjusted figures, in June while our import bill fell 1 per cent.
That left the nation with a $411 million dollar trade surplus for the month.
The Reserve Bank has accepted that Australia’s falling retail sales are a genuine sign that the nation’s economy is slowing.
And that, certainly, brings the next interest rate cut at least a little closer.
However, at this stage, few economists expect the Reserve Bank board to cut rates, when it meets next Tuesday to review them.
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Alan Thornhill is a parliamentary press gallery journalist. Private Briefing is updated daily with Australian personal finance news, analysis, and commentary.
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