Australian Retail Sales Show Positive Data Results for March
As increasing house prices boost consumer confidence and the reopening of state borders across the country encourages more families to spend on travel, Aussie Retail Sales exceeded forecasts in March. Sales increased 1.4% in March from the previous month, outdoing the 1% consensus.
In recent months, household consumption has seen a significant increase supported by dramatic increases in house prices, government welfare payments, minimum interest rates and an increase in employment. All these factors have enhanced consumer confidence.
These results are supportive of the assumption that Australia’s $2 trillion economy is on a steady path, although the RBA will continue to wait for inflationary pressures to emerge before making any significant changes to interest rates.
AUDUSD fell 0.13% to 0.7715, moving away from a 1-month high which saw the dollar increase to 0.7816.