Australia’s retail sales grew at a slightly faster pace in March with higher food-related spending in supermarkets and grocery stores, the Australian Bureau of Statistics said Friday.
Retail turnover climbed 0.3 percent month-on-month in March, slightly faster than the 0.2 percent rise in February. However, this was weaker than economists’ forecast of 0.4 percent.
The extreme weather conditions early in March led to significant disruptions for businesses and households throughout Queensland.
“Supermarket and grocery store sales were especially strong in Queensland where households stockpiled essentials in anticipation of Ex-Tropical Cyclone Alfred,” ABS head of business statistics Robert Ewing said.
On a yearly basis, retail sales advanced 4.3 percent after a 3.7 percent rise in February.
In the first quarter as a whole, retail sales volume remained unchanged after two straight quarters of growth.
“Retail sales volumes were flat this quarter and reflected subdued spending. This comes after sustained promotional activity boosted discretionary spending in late 2024,” said Ewing.
Another report from the ABS showed that final demand rose 0.9 percent sequentially in the first quarter and by 3.7 percent from the same period last year.
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