Today the Australian Bureau of Statistics (ABS) released its retail figures for October which show an increase in retail turnover of 0.5 per cent, seasonally adjusted.
NRA CEO Dominique Lamb said that the figures show that retail is awakening from its slumber following sluggish results in previous months.
“Australian retail had experienced three consecutive months of zero or negative growth before the release of the October figures so an increase in retail turnover of 0.5 per cent is certainly welcome news,” Ms Lamb said.
“With the retail sector now in the middle of the busy Christmas period, the NRA is optimistic that these figures show retail getting back up on its feet.
The seasonally adjusted rise of 0.5% in October follows a rise of 0.1% in September 2017 and a fall of 0.6% in August 2017, with mixed news across the various retail categories.
“The October figures show a rise in trend terms for Food retailing (0.1%), Cafes, restaurants and takeaway food services (0.1%), and Department stores (0.2%),” Ms Lamb said.
“While there was a fall in Household goods retailing (-0.6%), Other retailing (-0.2%), and Clothing, footwear and personal accessory retailing (-0.1%).
“Seasonally adjusted each state and territory experience a rise in turnover for October: Victoria (1.0%), New South Wales (0.3%), South Australia (1.2%), Western Australia (0.5%), Queensland (0.1%), the Northern Territory (1.7%), the Australian Capital Territory (0.6%) and Tasmania (0.5%).
“Off the back of these figures the NRA is confident that the retail sector is on track to record the $48 billion in sales that we forecasted for the Christmas trade period.”