5 Oct 2012

Australian retail sales slow

7:36 am on 5 October 2012

Retail sales in Australia grew at half the pace expected in August, while building approvals recovered slightly off the back of a steep fall.

Bureau of Statistics figures show retail turnover rose 0.2% in August, but that followed a fall of 0.8% in July.

Economists had generally expected retail sales to bounce back from July's slump with a stronger 0.4% rise.

Department stores posted the biggest rise in retail sales in August, but that failed to offset heavy declines in previous months.