Despite growing living cost pressures Australian consumers are still maintaining their spending habits, with retail sales scoring a higher than expected gain in July.
According to data from the Australian Bureau of Statistics (ABS), total retail turnover climbed 1.3 percent in July, far exceeding expectations of a rise of 0.3 to 0.4 percent from analysts.
The surprising increase came following a slowdown in sales volume in the previous two months, with the industry recording growth of 0.2 percent in June and 0.7 percent in May.
And compared to the past 12 months, overall retail trade jumped by 16.5 percent.
“After slowing growth in recent months, the 1.3 percent rise in July was the largest since the 1.6 percent rise in March,” ABS head of retail statistics Ben Dorber said….