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Australian retail sales increased in August after two months of declines, the Australian Bureau of Statistics announced Wednesday. The bureau also released building permits statistics for August, with construction permits for dwelling units declining unexpectedly after increases in the last two months.
Retail trade climbed a seasonally adjusted 0.9% month-on-month in August, in contrast to the revised 0.9% drop in the previous month and the 0.8% fall in June. Economists were looking for 0.5% growth in sales. Retail turnover totaled A$19.81 billion compared to A$19.64 billion in the preceding month. The growth in retail sales was largely a result of rising sales in food in August.
Food retailing, which contributes about 40% to total retail turnover, climbed at a monthly rate of 1.8% in August, rebounding from the 1.5% decline in the previous month. Household goods retailing grew 0.9% in contrast to the 3.6% drop in July. Further, department store sales were up 2.4%, and cafes, restaurants & takeaway food services retailing was up 1.9%.
On the other hand, other retailing declined 3% after the 0.8% rise in the previous month, while clothing, footwear & personal accessory retailing remained flat.
Excepting Northern Territory, retail sales were up across all territories in August. Retail sales grew 1.4% in Queensland, while sales in Victoria and New South Wales were up 0.8% and 0.6%, respectively. Retailing in South Australia increased 1.1%. On the other hand, retail sales in Northern Territory declined 0.7%.
In a separate report, the bureau announced that construction permits for dwelling units in Australia decreased unexpectedly in August by a seasonally adjusted 0.1% on month, following growth in the last two months. Economists had expected a 2.5% rise in approvals.
The total number of private sector housing permits were up 3.1% in August, faster than the 1.6% rise in the previous month. This was the eighth consecutive month in which housing permits increased sequentially. On a yearly basis, total housing permits were up 10.8%.
The value of buildings approved increased 32.6% on month compared to the 6.4% rise in the previous month. This was mainly because of a rise in the value of non-residential buildings, up 68.7%, while the value of residential buildings was down 0.6% in August.
Also, The Reserve Bank of Australia announced today that total credit provided to the private sector by financial intermediaries increased a seasonally adjusted 0.1% month-on-month in August, after the 0.2% rise in the previous month. Economists were looking for a 0.2% rise. On a yearly basis, private sector credit increased 2.5%, coming below economists' expectations of a 2.7% rise.
Housing credit increased 0.6% sequentially in August, the same rate of growth as in the previous month. Other personal credit was up 0.5%, while business credit declined 0.6%.
Earlier in the day, the Conference Board's Leading Economic Index for Australia was released, with the index rising 0.7% in July, while the corresponding coincident index remained unchanged.
Five of the seven components in the Conference Board Leading Economic Index increased in July. The private sector think tank said that the Leading Index was boosted by large positive contributions from stock prices, the yield spread and building approvals. Those factors more than offset negative contributions from gross operating surplus and exports of rural goods.
The Coincident Index, which measures current economic activity, was flat, following the 0.1% rise in the previous month.
Meanwhile, the Australian dollar edged higher against its major opponents on Wednesday morning in Asia as the encouraging domestic economic have made the higher-yielding currencies more attractive.
The aussie climbed to a near 14-month high against the euro and moved above a 13-month high versus the U.S. dollar. Against the currencies of Japan and New Zealand, the Australian dollar advanced to new multi-day highs.
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