Data from the latest release by the Australian Bureau of Statistics (ABS) reveals that retail businesses in Australia experienced varied performance in June 2023. The seasonally adjusted estimate indicates a 0.8% month-on-month decline in turnover, while it witnessed a 2.3% increase compared to June 2022.
The ABS is set to include more detailed results for the June 2023 reference period in an additional information release on August 3, 2023. This release will feature timeseries spreadsheets covering state by industry results, state by industry sub-group results, June quarter 2023 quarterly turnover volumes, and online sales.
It’s noteworthy that trend estimates for Retail Trade have been reinstated by the ABS from July 2022 onwards. However, trend estimates from March 2020 to June 2022 are not available due to the significant disruption and volatility caused by the COVID-19 pandemic. As such, they may not accurately reflect the underlying trend in retail activity during that period.
A closer look at the various industries within the retail sector reveals mixed results. Food retailing saw a slight 0.1% increase in June 2023, while household goods retailing experienced a marginal 0.1% decline. Clothing, footwear, and personal accessory retailing, on the other hand, faced a significant downturn of 2.2%. Department stores witnessed the most significant decline, with a sharp 5.0% drop, and other retailing also saw a notable 2.2% decrease. Cafes, restaurants, and takeaway food services recorded a 0.3% decline in turnover for the month.
The data further shows variations in retail turnover across states and territories. New South Wales experienced a 1.1% decrease, while Victoria saw a 1.3% decline. On the positive side, Western Australia witnessed a 0.5% increase.
The retail sector’s performance in June 2023 suggests a mix of challenges and opportunities for businesses amid ongoing economic conditions and consumer behavior. Policymakers and industry stakeholders may keep a close eye on the forthcoming detailed results to gain deeper insights into the factors influencing retail trade in Australia.