Australian Retail Sales Post Largest Gain In Eight Months

Post by NeilMc on January 8, 2010 · Under Australian Economy, Business News · Comment

Australian retail sales recorded their largest increase in eight months rising by 1.4 per cent in November adding increased probability of a further interest rate hike in February.

According to new data released by the Australian Bureau of Statistics (ABS), retail sales increased to $20.08 billion in November, and the 1.4 per cent growth in sales, far exceeded the 0..3 per cent growth many economists had predicted.

The result followed a revised 0.4 per cent increase in sales in October.

The F&B industry gained the most with restaurants, cafes and takeaway outlets registering the strongest improvement in sales, increasing 1.1 per cent. Food retailing came in second posting a 0.4 per cent increase, department store sales followed recording 0.4 per cent growth.

All the major states recorded rises in retail sales during November.

The largest increase occurred in South Australia which posted a 3.1 per cent increase in retail sales during November, Victoria registered 2.1 per cent growth, whilst sales in New South rose 1.3 per cent.

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