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Australian Retail Sales fell sharply in December

Tuesday, Feb 06 2018
Australian Retail Sales fell sharply in December

Australia’s December retail sales report has come in well under expectations, partially reversing a strong lift in November. According to the Australian Bureau of Statistics (ABS), sales fell by 0.5% to $ 26.261 billion in seasonally adjusted terms, missing forecasts for a smaller decline of 0.2%. Offsetting some of the weakness, November’s stellar gain of 1.2% was revised higher to show an increase of 1.3%. With sales retracing during the month, the annual pace of sales slowed to 2.5% from 2.9% in November.

Separate report, on Trade Balance showed that in trend terms, the balance on goods and services was a deficit of $476m in December 2017, an increase of $313m on the deficit in November 2017. In seasonally adjusted terms, the balance on goods and services was a deficit of $1,358m in December 2017, a turnaround of $1,394m on the surplus in November 2017. In seasonally adjusted terms, goods and services credits rose $510m (2%) to $32,465m. Non-rural goods rose $719m (4%). In seasonally adjusted terms, goods and services debits rose $1,905m (6%) to $33,823m. 

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