June retail sales data beats expectations




  • Mark Mulligan

    Markets and economy reporter



    Consumer spending picked up in June, fuelled by categories such as electronics.

    Consumer spending picked up in June, fuelled by categories such as electronics. Photo: Getty Images


    Retail sales surged in June, easily beating expectations, as consumers and small businesses opened their wallets to spend on electronics, furniture, housewares and do-it-yourself renovations and hardware.


    The Australian Bureau of Statistics said on Tuesday seasonally-adjusted month-on-month growth in retail turnover was 0.7 per cent, compared with a revised 0.4 per cent in May and expectations of 0.4 per cent.


    It was the biggest monthly jump since February and takes year-on-year growth in the value of retail turnover to 4.9 per cent.


    Currency traders took heart from the figures, bidding the Australian dollar up more than one-fifth of a US cent, to US72.88¢. In early-afternoon trade it was fetching US72.90¢.


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