Australian Retail Turnover Rises 0.5% in June 2024, Boosted by End-of-Financial Year Sales

Australian retail turnover rose 0.5 per cent in June 2024, following a trend of increased growth earlier in the year, with a rise of 0.6 per cent in May and 0.2 per cent in April. The Australian Bureau of Statistics (ABS) reported that end-of-financial year sales had a significant impact on spending, particularly in areas like furniture, electrical goods, and clothing. Retailers noted a surge in sales for big-ticket items. The rise in June turnover was primarily driven by non-food-related industries, including household goods (+1.1 per cent), department stores (+1.0 per cent), and clothing, footwear, and personal accessories (+0.7 per cent). However, cafes, restaurants, and takeaway food services remained relatively unchanged. All states and territories experienced a rise in turnover, except for Tasmania, which remained stable. Retail sales volumes dipped 0.3 per cent in the June quarter, continuing a downward trend for the sixth time in the past seven quarters. Retail prices increased by 0.9 per cent this quarter, indicating that higher prices drove much of the growth in monthly turnover. On a per capita basis, retail volumes fell for the eighth consecutive quarter, down 3.0 per cent compared to the previous year. With retail activity showing signs of improvement, consumers are still cautious with their spending habits, resulting in fluctuating retail sales volumes across various industries and regions.