Steady sales for food retailing backed by interest rate cut

The latest ABS Retail Trade figures show that Australian retail turnover rose 0.3% in March following a rise of 0.7% in February 2015, seasonally adjusted, while food retailing at 0.4% growth was a modest rise reflecting flat growth for the March quarter.

At current prices, the trend estimate for Australian retail turnover rose 0.3% in March 2015 (the same as seasonally adjusted turnover), following a 0.4% rise in February and January 2015, while the trend estimate rose 4.3% for the year to March 2015.

Online retail turnover contributed 3.0% to total retail turnover in original terms.

The original estimate for chains and other larger retailers rose 12.3% in March 2015, compared with smaller retailers, up 8.7%.

The Implicit Price Deflator for Australian turnover rose (0.5%) in seasonally adjusted terms in the March quarter 2015.

For Food Retailing in current prices, the trend estimate for Food retailing rose 0.2% in March 2015 and was up 0.4% seasonally adjusted.

By industry subgroup, the trend estimate rose for Supermarket, grocery and convenience stores (0.2%), Other specialised food retailing (0.2%), and Liquor retailing (0.1%).

The Australian Retailers Association said the seasonally adjusted rise (0.3% increase) in monthly retail trade figures (month-on-month) reported today by the ABS followed a 0.7 percent rise in February 2015.

ARA executive director Russell Zimmerman said although the figures were modest, year on year growth for March is looking strong at 4.4 percent.

?espite shaky levels of consumer confidence over the past year, retail trade figures continue to increase which is a great sign for the industry,?he said.

Mr Zimmerman said before the Budget was announced that he welcomed the RBA’s reduction in interest rates.

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