Retail Sales Down 4.4 Percent in September Quarter | Mandurah Courier
Retail sales volumes fell a record 4.4% in the September quarter as lockdowns from COVID-19 hampered trade in major states.
The Australian Bureau of Statistics said NSW saw the largest drop in volume (11.6%) reflecting blockages in Greater Sydney and areas during this time.
Economists’ forecasts had indicated a sharp 5% drop in spending during the quarter.
“The Delta outbreak from the end of June resulted in prolonged lockdowns in many jurisdictions on the continent, with restrictions forcing many retailers to close their physical stores throughout the September quarter,” said Ben James of the ABS.
“This resulted in the largest quarterly decline in domestic sales volumes on record.”
International trade figures for September also released by ABS on Thursday showed a trade surplus for the month of $ 12.24 billion, lower than the record high of $ 15.1 billion reached in August.
Treasurer Josh Frydenberg said the government is confident the economy will recover over the summer.
“I am quite optimistic and confident about the overall health of the economy,” he told Seven.
“We saw that consumer confidence was up this week, our triple A credit rating was maintained, so I think (we) can look forward to a strong Christmas and hope we can put some of those blockages behind us. . “
Mr Frydenberg released figures Thursday showing more than 11.5 million Australians earned $ 10.5 billion in the September quarter due to income tax cuts.
This amounted to an additional average profit of $ 879 per person.
During the period, NSW was stranded for 92 days, Victoria for 68 days and around 485,000 workers were suspended at zero hours.
The Treasury estimates that income tax cuts on two budgets will create around 60,000 additional jobs by the end of June 2023.
National accounts for the September quarter are due on December 1.
Reserve Bank of Australia Governor Philip Lowe said after this week’s monthly board meeting that the sharp economic contraction is expected to be followed by a solid expansion in the quarter of December.
The central bank expects the economy to grow by around 5.5% in 2022, up from its previous forecast of 4.5%.