Australia retail sales expand in March
Retail sales in Australia breached forecasts in March. The expansion came after an increase in housing prices heavily supported consumer confidence. More so, the reopening of state borders enabled cashed-up households to engage in travel activities again.
On a monthly basis, retail sales recorded 1.4% in March. The figure from the Australian Bureau of Statistics came larger than the 1% expansion predicted by analysts. In addition to this, the country’s retail turnover of A$30.72 billion jumped 2.3% year on year.
Household consumption was mainly driven by surging house prices, government welfare payments, ultra-low borrowing costs, and employment. While there was an upbeat turnover in March, sales values dropped 0.1% in the first quarter. This indicates that retail and consumption would not contribute to economic growth.