Australian retail sales advanced 2.4% in June. This came as an upbeat figure following a 16.5% increase seen in May as the land down under resumed its economic operations from coronavirus-related lockdowns.
The country s retail sales were estimated to have reached a total of A$29.7 billion ($21.19 billion) in June, recording a total of 8.2% increase in the same period last year. The figure came larger than the 2.7% annual growth monitored last year, the Australian Bureau of Statistics reported on Wednesday.
The jump seen in retail sales was mainly from large increases in turnover in cafes, restaurant and takeaway food services, apparel, and personal accessory retailing. The ABS said that late in June, there were signs of stockpiling of retail products such as toilet paper, flour, rice, and pasta.
https://www.umarkets.com/en/news/aussie-retail-sales-advance-in-june-extend-upbeat-record