Latest data released by the ABS – 8 May 2018

  • Prior +0.6%
  • Q1 retail sales +0.2% vs +0.6% q/q expected
  • Q4 2017 +0.9%

A miss on both the March and Q1 figures. Aussie is marked lower as a result.

AUD/USD falling to a low of 0.7507 on the data release, about a 15 pips drop. Not exactly positive readings on the consumer front, and that will weigh on Q1 growth.

Comments by ABS:

  • The trend estimate rose 0.3% in March 2018. This follows a rise of 0.3% in February 2018 and a rise of 0.3% in January 2018
  • The seasonally adjusted estimate was relatively unchanged (0.0%) in March 2018. This follows a rise of 0.6% in February 2018 and a rise of 0.2% in January 2018
  • In trend terms, Australian turnover rose 2.6% in March 2018 compared with March 2017
  • The following industries rose in trend terms in March 2018: Food retailing (0.3%), Household goods retailing (0.5%), Other retailing (0.3%), and Clothing, footwear and personal accessory retailing (0.3%). Cafes, restaurants and takeaway food services (0.0%) was relatively unchanged. Department stores (-0.2%) fell in trend terms in March 2018

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