Australian Retail Trade Remains Robust in September
Australian retail turnover reached another record high in September as consumers were still willing to spend despite interest rate hikes and increasing living cost pressures.
According to the Australian Bureau of Statistics (ABS), retail trade climbed for nine consecutive months in September, rising by another 0.6 percent during the period, following a 0.6 percent hike in August and a 1.3 percent surge in July.
Total sales reached a record high of $35.1 billion (US$22.5 billion), up 17.9 percent from the past 12 months.
The food industries were again the main driver behind the growth in total sales, with food retailing going up by one percent, and cafes, restaurants and takeaway food services increasing by 1.3 percent….