By James Glynn
SYDNEY–Australian retail turnover rose 1.6% in March to a new record, highlighting the strength of a resurgent economy led by cashed-up consumers.
The result was up 0.8% on the previous record level set in November 2021, according to the Australian Bureau of Statistics. The rise in March follows a 1.8% jump in February, and a 1.6% rise in January.
Rising prices and the continued easing of restrictions across the country have led to rises in turnover in the first quarter, the bureau said.
The pace of price gains supports the Reserve Bank of Australia’s decision Tuesday to raise official interest rates for the first time since 2010, while signaling more will follow in coming months.
Consumer spending rose across both discretionary and non-discretionary industries, the statistics bureau said.
Following flooding in late February and early March along the east coast, affected businesses regained lost turnover from forced closures as consumers restocked pantries, the bureau said.
Write to James Glynn at [email protected]
Credit: www.marketwatch.com /