Fine Radar
The News Hub

Unexpected boost from Queen’s death

The national day of mourning for Queen Elizabeth II’s death resulted in a surprising boost for retail spending, according to the latest data from the Australian Bureau of Statistics.

Australian retail turnover climbed 0.6 per cent in September – the ninth consecutive rise, following a 0.6 per cent increase in August and 1.3 per cent in July.

It was up 17.9 per cent compared with September last year.

ABS head of retail statistics Ben Dorber said it was driven by strength in food industries.

“Food retailing rose one per cent ($134.5m) while cafes, restaurants and takeaway food services rose 1.3 per cent ($65.2m),” he said.

“Many retailers remained open for the national day of mourning, an additional one-off public holiday in September, and this boosted spending on food, alcohol and dining out.”

Clothing, footwear and personal accessory retailing was up two per cent ($58.1m) following a fall of 2.3 per cent in August.

Other retailing also increased 0.2 per cent, or $11.9m.

Household goods retailing fell 0.8 per cent (-$47m) but was softened by the release of new mobile phone models.

It was the fourth monthly fall in household goods retailing in the past six months.

Department stores were also down 0.4 per cent, or $8m.

The figures come as many people continue to struggle with rising cost of living pressures and high inflation.

The Reserve Bank of Australia will meet on Tuesday, with another cash rate rise expected.

Read related topics:Queen Elizabeth II

For more latest Economy News Click Here 

Read original article here

Denial of responsibility! FineRadar is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
Leave A Reply

Your email address will not be published.