Retail figures rebound in June

Supported by EOFY sales.

Australian retail has rebounded in June 2019, according to the latest figures from the Australian Bureau of Statistics (ABS) retail trade report, with turnover up 0.4%, seasonally adjusted, for the month.

Online retail contributed 6.1% to the total retail turnover. Household goods experienced a modest 0.2% increase in turnover, while department stores, down 0.6%, were the only industry to fall.

National Retail Association (NRA) CEO Dominique Lamb said the June figures are a healthy change for the retail sector after only a small rise in turnover for the previous two months.

“For the past two months we’ve seen retail turnover rise by only 0.1%,” Lamb said.

“The NRA welcomes this rise in sales and are optimistic that these results signal a rejuvenation for retail in the remainder of 2019. June is a busy month for retail with End of Financial Year sales where retailers offered huge discounts on stock before June 30 which no doubt helped with this rise.”

The NRA said the passage of the Government’s tax cuts and the RBA’s interest rate reduction last month may also help with July’s turnover.

“It should be noted that the cuts to income tax and the latest reduction to interest rates were not included in this round of figures. So when these measures are factored in from next month onwards, we’re hopeful that it will mean that retail is out of its slumber and ready to surge in the second-half of 2019,” she continued.

“The retail sector should see a rise in sales during the month of July due to shoppers eagerly spending their tax returns. With most Australians receiving an additional return of up to $1,080 from these tax cuts, the NRA is optimistic we will see another rise for July’s figures.”

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