Thursday 31st July 2008
|Text too small?|
Sales fell 1% seasonally adjusted last month, after rising 0.9% in the previous month, according to the Australian Bureau of Statistics. The biggest declines were at department stores, down 5.2%, and clothing, with a 5% drop.
The retail report comes a day after figures showed Australian home-building consents declined for a second month in June. The central bank has kept its benchmark rate at a 12-year high 7.25% and this month Governor Glenn Stevens said more-expensive credit was likely to result in "a period of significantly slower growth in demand in Australia."
Still, separate figures today showed Australia's trade balance turned to a surplus last month of A$411 million, from a deficit of A$253 million in May. Shipments of coal and agricultural good led an increase in exports, which may help underpin the economy while domestic demand wanes.
New Zealand's exports to Australia, the biggest export market for kiwi goods, rose 27% in the 12 months ended June 30 to NZ$9.2 billion, accounting for about 23% of the nation's total shipments.
No comments yet
28th October 2021 Morning Report
Wellington Drive Technologies Limited (NZX: WDT) Performs Strongly in Q3-2021
Ryman Healthcare Limited (NZX: RYM) Acquires Extensions to Two Existing Victorian Sites
Promisia Healthcare Limited (NZX: PHL) Banking Covenant Update
Pictor Limited Announces Start of US Clinical Trials for SARS-CoV-2 Serology Test
Arvida Group Limited (NZX: ARV) Opening of Rights Offer
Move Logistics Group Limited (NZX: MOV) Announces $40m Capital Raise
27th October 2021 Morning Report
The a2 Milk Company Limited (NZX: ATM) Investor Day 2021
Contact Energy Limited (NZX: CEN) Considers Green Capital Bond Offer