Australia Retail Sales Soar 1.2% in June, Marking Final Report

Australian retail sales came in stronger than forecast in the final reading of the series, running counter to recent data that’s supported the Reserve Bank cutting interest rates as early as next month.

Sales jumped 1.2% in June from the prior month, when they climbed an upwardly revised 0.5%, and against a forecast 0.4% gain, according to data from the Australian Bureau of Statistics Thursday. This will be the last retail sales report as the ABS focuses on its household spending indicator that provides broader coverage of consumption.