The Retail Trade data for August has come in a good deal weaker than the market had been expecting. Seasonally adjusted figures show just a 0.1% increase (against expectations of 0.4% growth), while the Trend data shows 0.2% growth (unchanged for the past 3 months).
However, the story in Queensland is rather worse. The Sunshine State has now seen Trend retail trade decline for a consecutive 5th month (at a stable rate of -0.1% per month) and in August total Trend sales volumes were just 2.3% above their level a year ago. In other words, retail sales in Queensland have fallen in real terms over the past year. At the national level the Trend showed a 5.0% increase over the year to August.
On a seasonally adjusted basis Queensland saw a 0.6% decline; the weakest result of all the states and territories.
The weaker data has seen the A$ fall sharply and is currently trading around US$0.867.