Retail Sector Looking Positive In AustraliaPosted October 1st, 2009
When the RBA board met about four weeks ago they quickly established that this was to be a good month for our retailers nationwide. The Australian Bureau of Statistics confirmed this morning that our shopkeepers have fared well during September.
While August’s 0.9 per cent seasonally adjusted rise in retail sales during July was good news, the more meaningful figure is the 5.3 per cent increase in the year-on-year turnover for the month. Many say this growth has been influenced with our stimulus packet.
According to news sources many retailers are making headway now even as they still absorb some of the windfall of the GFC.
Woolworths’ has already announced an extraordinary achievement of increasing its profit margin over the financial year including an economic slowdown.
Heads are turned towards the RBA to see what the board will do with their insider knowledge of retailers’ performance next Tuesday. Even so many have cause for celebrations about the retail sales element in the RBA’s deliberations, the labour market remains the bank’s main policy.
This Friday morning, our population figures will rise above the 22 million mark for the first time in history.
We will wait and see if the RBA will in fact push interest rates far (if all) as long as we battle job insecurities and employment numbers.
Source: WA Today
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