Todays’ release of the June Retail Trade data shows turnover at current prices up 0.6% (seasonally adjusted) for the month. While this is stronger than expected it is hard to get away from the reality that retail sales are extremely sluggish when we consider that, when adjusted for inflation, turnover in volume terms was down 0.2% in the second quarter (after a 1.3% increase in Q1).
What is perhaps also somewhat disappointing is the fact that NSW accounts for the vast majority of all of the increase so far this year. NSW makes up 31.6% of total turnover but has contributed 65% of the total growth this year. Queensland, on the other hand, makes up 20.7% of turnover but has contributed just 10.9% of the growth in 2014.
When considering the turnover at current prices data we see the following changes in the first 6 months of this year.
|Turnover current prices||% chg 1st half 2014|