Aussie Retail Sales: Unrevised at -2.7% MoM, AUD unchanged

Aussie Retail Sales is unrevised at -2.7% month on month.

AUD is steady.

More to come.

About Retail Sales

The primary gauge of Australia’s consumer spending, the Retail Sales, is released by the Australian Bureau of Statistics (ABS) about 35 days after the month ends.

It accounts for approximately 80% of total retail turnover in the country and, therefore, has a significant bearing on inflation and GDP.

This leading indicator has a direct correlation with inflation and the growth prospects, impacting the Reserve Bank of Australia’s (RBA) interest rates decision and AUD valuation.

The stats bureau uses the forward factor method, ensuring that the seasonal factors are not distorted by COVID-19 impacts.