The FINANCIAL — Australian retail sales rose 0.4% in August from a month earlier, the Australian Bureau of Statistics said on October 2, according to Nasdaq.
Economists surveyed ahead of the release had expected a 0.3% rise. Sales fell 0.1% in July.
The strongest sectors were food retailing and department store sales, while clothing and footwear fell sharply. Sales were led by New South Wales and Victoria, in a sign the economy may be transitioning away its recent reliance on resource-rich states to power growth.
Australia’s central bank has held interest rates at a record-low 2% for some time, seeking to stoke sectors of the economy such as construction and retail as a mining boom that has powered growth for over a decade slows.