Retail sales increased 0.7% mom in may, expectation was -0.1%

@mikeah777
Ben Dorber, ABS head of retail statistics, said: "Retail turnover was supported by a rise in spending on food and eating out, combined with a boost in spending on discretionary goods.

“This latest rise reflected some resilience in spending with consumers taking advantage of larger than usual promotional activity and sales events for May.”
Click to expand...

“Just as we saw during the November Black Friday sales last year, consumers appeared to take extra advantage of discounting during large sales events in May in response to cost-of-living pressures,” Mr Dorber said.
Click to expand...

https://www.abs.gov.au/media-centre/media-releases/retail-turnover-boosted-sales-events

Sounds like consumers took advantage of some particularly good sales over the time period.
 
@jonahvime Exactly, and food prices were passed on. This means absolutely nothing like the crazy boom that this board is claiming, especially considering the increase in immigration
 
@jonahvime I heard whinging on the news yesterday that the "poor retailers" have had to increase the number of sales they are putting on because they are losing sales.

Won't somebody please think about poor Woolworths profit margin? It's only 30.7%. Can't have it drop below 30% like it was pre-pandemic.
 
@mikeah777 With the average annual rate of inflation at 5.6% for the month, one would say that 0.7% for retail isn't the problem. Its the 14.1% for electricity costs, the 15.1% for dairy, the 12.8% for bread and cereal, the 7.1% for insurance etc.

Inflation is on a downward trend, falling from an annualised rate of 6.7% to 6.1% during the last month.
 
@rawrightx Are we insulated from the electricity part in Victoria (Melbourne)?

I keep reading about it, but my power bill / rates seem about the same as 5 years ago...
 
@gragori Sorry, you're right.

I just checked a bill from 2019 (thought I'd prove you wrong) and it was 18.70 c/kWh. And on my latest bill it's 21.72 c/kWh

So about 16% up since then :(
 
@gragori That's the daily supply charge right?

That's gone down from $1.09 to $0.88 (I ended up changing providers when I used the vic government site to get that $250 rebate they offer here)

I got confused by the 'pay on time' discount differences, and I moved to a less insulated house so figured it was just my increased aircon/heating use.
 
@gragori Globird Energy.

If you end up signing up, you can get a random referral code from a 'friend' using the ozbargain.com.au link pool. You and the lucky random ozbargain member would both get $50 credit on the account.
 
You must log in or register to reply here.

Similar threads

P
Why diamonds are not an investment by any means
2
Replies
24
Views
444
mrproofright
M
Back
Top