Australian retail sales rise 0.3pc in October, meeting market consensus - The Australian Financial Review
Australian Financial Review - Thu 6 Dec 17:21 GMT

Australian retail sales rise 0.3pc in October, meeting market consensus - The Australian Financial Review

Australian retail sales rose 0.3 per cent in October, meeting economists' expectations, Official retail sales data has soothed market fears around an Australian consumption drought, rising 0.3 per cent over the month.

  CoreLogic data for the month of October showed property prices fell in Melbourne, Sydney and Perth that month.

  Consumer spending in October was further hindered by rising petrol prices through the month.

  The national average petrol price hit a yearly high of $160.50 at the end of October according to the Australian Institute of Petroleum.

  Prices have since fallen, with the national average sitting at $134.1 at the start of December.

  It is hoped these falling petrol prices stimulate household spending for November and December.