How national day of mourning for Queen’s death boosted Aussie spending
The national day of mourning for the death of Queen Elizabeth II has led to a surprising increase in retail spending, according to the latest figures from the Australian Bureau of Statistics.
Australian retail revenue rose 0.6% in September, the ninth consecutive increase, following an increase of 0.6% in August and 1.3% in July.
It increased by 17.9% compared to September last year.
Ben Dorber, ABS’s head of retail statistics, said this was driven by the strength of the food industries.
“Retail sales of food products increased by 1% ($ 134.5 million) while bars, restaurants and takeaway services increased by 1.3% ($ 65.2 million),” he said. .
“Many retailers remained open for National Day of Mourning, an additional one-off holiday in September that increased spending on food, alcohol and catering.”
Retail sales of clothing, footwear and personal accessories increased 2% ($ 58.1 million) after falling 2.3% in August.
Other retail trade also rose 0.2% to $ 11.9 million.
Retail sales of household items fell by 0.8% (-47 million dollars), but were mitigated by the release of new mobile phone models.
This is the fourth monthly decline in the household goods retail trade in the past six months.
Department stores also fell 0.4% to $ 8 million.
The figures come as many people continue to struggle with rising cost of living pressures and high inflation.
The Reserve Bank of Australia will meet on Tuesday, with another cash rate hike expected.