Australia Retail Sales Weaker Than Expected

The FINANCIAL — Australian retail sales rose by 0.3% in May from April, the Australian Bureau of Statistics said on July 2, weaker than the 0.6% increase economists had been expecting, according to Nasdaq.

The rise was confined mainly to New South Wales, with retail sales in all other major states remaining relatively flat. Sales for April were revised downwards to show a 0.1% drop, compared with the flat result originally reported.

Despite record low interest rates, consumer spending across the economy remains restrained overall. In May, sales of food and household goods rose, while spending on clothing and in department stores and cafes was weaker.