Australia retail sales rise 0.9% to record high in April -Breaking
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© Reuters. After a lockdown in Melbourne to stop an outbreak of coronavirus, shoppers browse outdoor retailers on the first day that COVID-19 regulations were relaxed, this was October 22nd, 2021. REUTERS/Sandra SandersSYDNEY, (Reuters) – Australian retail sales reached record heights in April. Consumers spent large for holidays but surging inflation is steadily reducing spending power.
The Australian Bureau of Statistics released data on Friday showing that retail sales increased 0.9% to record A$33.9Billion ($24.09 Billion) in April, matching analysts’ forecasts.
According to policymakers, sales rose by 9.6% over the previous year. This supports their hopes that families will save money and continue to consume even as incomes fall.
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