Retail trade slumps just a bit more

Softer retailing

Retail turnover was weaker than expected in May, rising by just 0.2 per cent, following on from a another soft result in April, as cost of living pressures bite a bit more. 

The average growth in  retail turnover over the past 3 months has been just 0.1 per cent, which is pretty weak stuff given when inflation and population growth has been.

James Foster ran through all the key retail figures here.

In other news, Australia's trade surplus on goods continued to slide, now almost entirely unwinding from the large spike through the pandemic, which was largely driven by high commodity prices. 

While gold exports continue to be on fire, bulk commodity export values for coal and iron ore continued to fall away, while gas export values are also well off their highs.

On the other side of the ledger, strong consumer goods exports - possibly from inventory build - took imports to a new high.

Overall, these were fairly soft numbers for both retail trade and for exports in May.

The Federal government has some issues around high levels of spending to be addressed, and as the economic outlook clouds over there will be some tax reforms on the table over the period ahead. 

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