Australia August retail sales beat estimates

The consumption, as represented by the seasonally adjusted estimate of retail sales, rose 0.3 percent in August, following a relatively unchanged estimate (0.0%) in July 2018 and a rise of 0.4% in June 2018.

The data bettered estimate of a 0.2 percent rise and could bode well for the Aussie dollar.

August key points (Source: Australian Bureau of Statistics)

Current prices

• The trend estimate rose 0.2% in August 2018. This follows a rise of 0.3% in July 2018 and a rise of 0.3% in June 2018.
• The seasonally adjusted estimate rose 0.3% in August 2018. This follows a relatively unchanged estimate (0.0%) in July 2018 and a rise of 0.4% in June 2018.
• In trend terms, Australian turnover rose 3.4% in August 2018 compared with August 2017.
• The following industries rose in trend terms in August 2018: Food retailing (0.2%), Other retailing (0.6%), Cafes, restaurants and takeaway food services (0.4%), and Clothing, footwear and personal accessory retailing (0.3%). Household goods retailing (-0.2%), and Department Stores (-0.1%) fell in trend terms in August 2018.
• The following states and territories rose in trend terms in August 2018: New South Wales (0.3%), Victoria (0.3%), Queensland (0.2%), South Australia (0.2%), Tasmania (0.5%), and the Australian Capital Territory (0.3%). Western Australia (-0.1%), and the Northern Territory (-0.5%) both fell in trend terms in August 2018.