3 Aug 2012

Australian retail sales up

9:06 am on 3 August 2012

Retail sales in Australia posted a better than expected gain of 1% in June, backing up a strong rise in May. Economists had forecast a ruise of 0.7%.

The volume of retail sales was up 1.4% for the June quarter.

The only segment to decline was household goods retailing, which slipped 0.2%, led lower by electrical goods.

Commonwealth Bank chief economist Michael Blythe says June's retail sales figures show the carbon tax compensation and interest rate cuts are having an effect.