CANBERRA: Australian retail sales rebounded modestly in August following a shock decline in July with the ABS reporting an increase of 0.4% to $24.4044 billion, the highest level on record.
The increase, in line with expectations, followed a 0.1% drop in July that was likely caused by consumers bringing forward spending in June due to the small business tax package announced in the federal budget in May.
In seasonally adjusted terms, sales increased by 4.45% from a year earlier, an acceleration on the 4.17% pace of July.
According to the ABS, the largest contributor to the monthly increase was food retailing which rose 0.6%. Elsewhere other retailing (1.3%), department stores (1.3%) and household goods retailing (0.2%) registered gains while clothing, footwear and personal accessory retailing (-1.4%) and cafes, restaurants and takeaway food services (-0.3%) fell.
