Economics
Australia Retail Sales Rise by Record as Economic Growth Resumes
- Cafes, clothing and footwear lead gains as restrictions lifted
- Central bank expects solid gain in GDP growth in third quarter
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Australian household spending surged by a record last quarter, led by cafes and clothing and footwear stores as Covid restrictions in much of the country were unwound, underscoring the central bank’s contention that economic growth “increased solidly” in the period.
Quarterly retail volumes advanced 6.5% in the three months through September, after declining 3.5% in the prior quarter, the Australian Bureau of Statistics said Wednesday. Growth was partly offset by a 4.2% decline in Victoria state, which remained under lockdown in the quarter, while sales in New South Wales soared 11.6%, leading gains in all states and territories.