By Chris Nicholls
SYDNEY: National retail purchasing group ANRA has expressed surprise at the rise in November retail sales figures, given recent interest rate rises and the Federal election.
Australian Bureau of Statistics figures released today showed November sales rose 0.8 per cent, seasonally adjusted, compared to a revised 0.3 per cent rise in October.
ANRA chief executive Margy Osmond said the growth was “another solid result – perhaps a surprising result for the retail sector given the November interest rate rise and the disruption of a Federal Election.”
She said consumer sentiment continued to be buoyant on the back of record low unemployment, wages growth and further tax cuts announced during the election campaign.
Osmond said feedback from members to date indicated the group’s earlier prediction of a bumper Christmas period will be confirmed when the December sales figures are released in early February.