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Retail sales rose 1.1 per cent in April: Australia
Australian retail turnover rose 1.1 per cent in April 2021, seasonally adjusted, according to preliminary retail trade figures released today by the Australian Bureau of Statistics (ABS).
Turnover rose 25.1 per cent when compared to April 2020. The sharp rise in annual turnover is due to the very low levels of retail turnover recorded in April 2020. Nationwide coronavirus restrictions in April 2020 saw physical stores closed for all but essential retail, and restrictions placed on people leaving their homes.
Ben James, Director of Quarterly Economy Wide Surveys, said: “Food retailing led the rises in April, following falls in both February and March 2021. All industries except department stores rose, with similar rises for cafes, restaurants, and takeaway food services, household goods retailing, and other retailing.
Richard Holden
RBA governor Dr Philip Lowe. Source: AAP.
The key narrative in Josh Frydenberg’s 2021 budget was the need to use more aggressive fiscal policy to drive unemployment down and wages up.
Two key pieces of data this week indicate how things are tracking.
On Wednesday the Australian Bureau of Statistics published wages data. The Wage Price Index grew 0.6% for the March quarter, or 1.5% over the past year.
This is not a fast enough rate of wages growth to outstrip inflation by much, if at all, on a consistent basis. That’s a problem but not a surprise. The economy in general, and the labour market in particular, is still recovering from the COVID-19 pandemic.
Australia s immigration pace is set to soar beyond pre-Covid levels regardless of who wins the next election.
While population growth is now at levels unseen since World War I, politicians from both the government and opposition are calling for the borders to be opened again to migrants.
Treasury also wants immigration to be revived to boost economic activity, predicting in the Budget papers that net annual immigration would climb to 235,000 in 2024-25, higher than where it was before the pandemic.
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Australia s immigration pace is set to soar beyond pre-Covid levels regardless of who wins the next election. While population growth is now at levels unseen since World War I, politicians from both the government and opposition are calling for the floodgates to be opened again to migrants. Pictured is Sydney s Wynyard station in May 2021
Retail sales lift 1.1 per cent as NSW diners splurge
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Monthly spending on dining out strengthened above pre-pandemic levels in April, led by strong growth in NSW aided by the state governmentâs hospitality and tourism stimulus program.
Spending in stores and online lifted 1.1 per cent over the month in seasonally adjusted terms, adding about $350 million in turnover, according to preliminary retail trade data from the Australian Bureau of Statistics.
Spending on dining out increased 2.5 per cent in April, according to the ABS.Â
The bump comes on the back of a surprisingly strong 1.3 increase in March (revised down from 1.4 per cent).
Euro Falls As ECB Chief Lagarde Says Discussion To Wind Down PEPP Unwarranted
CANBERA (dpa-AFX) - The euro lost ground against its major trading partners during the European session on Friday, after the European Central Bank chief Christine Lagarde said that the central Bank is determined to maintain the pandemic emergency purchase programme to protect the economy, as the bloc s recovery is still uncertain.
It is premature to discuss winding down EUR 1.85 trillion emergency bond purchase scheme in June, Lagarde said at a news conference after a Eurogroup meeting in Lisbon. We are committed to preserving favourable financing conditions using the PEPP envelope, and to do so until at least March 2022.