Australia retail sales arrive at 0.0 percent in March, a big miss

Australia's consumption, as represented by retail sales, remained relatively unchanged in the month of March, missing estimates by a big margin, the Australian Bureau of Statistics (ABS) reported on Tuesday. The retail sales arrived at 0.0 percent month-on-month, compared to the forecast of 0.3 percent and up from previous month's reading of 0.6 percent. 

 MARCH KEY POINTS (via ABS)

CURRENT PRICES 

The trend estimate rose 0.3% in March 2018. This follows a rise of 0.3% in February 2018 and a rise of 0.3% in January 2018.

The seasonally adjusted estimate was relatively unchanged (0.0%) in March 2018. This follows a rise of 0.6% in February 2018 and a rise of 0.2% in January 2018.

In trend terms, Australian turnover rose 2.6% in March 2018 compared with March 2017.

The following industries rose in trend terms in March 2018: Food retailing (0.3%), Household goods retailing (0.5%), Other retailing (0.3%), and Clothing, footwear and personal accessory retailing (0.3%). Cafes, restaurants and takeaway food services (0.0%) was relatively unchanged. Department stores (-0.2%) fell in trend terms in March 2018.

The following states and territories rose in trend terms in March 2018: Victoria (0.5%), New South Wales (0.3%), Queensland (0.1%), South Australia (0.1%), the Australian Capital Territory (0.4%), and the Northern Territory (0.3%). Western Australia (0.0%), and Tasmania (0.0%) were relatively unchanged in trend terms in March 2018.

VOLUME MEASURES

In volume terms, the trend estimate for Australian turnover rose (0.4%) in the March quarter 2018.