The National Retail Association (NRA) is pleased to announce that Australian retail has rebounded in June 2019, according to the recently released Australian Bureau of Statistics (ABS) retail trade report.
According to the ABS, retail turnover for the month of June 2019 rose by a 0.4 per cent, seasonally adjusted.
NRA CEO Dominique Lamb said the June 2019 figures are a healthy change for the retail sector after only a small rise in turnover for the previous two months.
“For the past two months we’ve seen retail turnover rise by only 0.1 per cent,” Mrs Lamb said.
“The NRA welcome this rise in sales and are optimistic that these results signal a rejuvenation for retail in the remainder of 2019.
“June is a busy month for retail with End of Financial Year sales where retailers offered huge discounts on stock before June 30 arrived which no doubt helped with this rise.
“Online retail is a popular method to shop during the End of Financial Year sales, this time contributing 6.1 per cent to the total retail turnover for June.”
The NRA said the passage of the Government’s tax cuts and the RBA’s interest rate reduction may also help with July 2019’s turnover.
“It should be noted that the cuts to income tax and the latest reduction to interest rates were not included in this round of figures. So when these measures are factored in from next month (September 2019) onwards, we’re hopeful that it will mean that retail is out of its slumber and ready to surge in the second-half of 2019,” Mrs Lamb said.
“The retail sector should see a rise in sales during the month of July (2019) due to shoppers eagerly spending their tax returns.
“With most Australians receiving an additional return of up to $1,080 from these tax cuts, the NRA is optimistic we will see another rise for July’s figures.”