Retail sales continue to strengthen - 13th edition of the AFGC CHEP Retail Index
The13th AFGC CHEP Retail Index, released today, shows year-on-year growth in retail sales continued to lift
in the March quarter with a rise of 5.8 per cent, and further strengthening is expected.
The Index was also 5.8 per cent higher in March 2014 compared to March 2013 with a turnover over of $23.01 billion.
Growth in the Index is expected to lift further with an increase of 6.6 per cent over the 12 months to May 2014 when
retail trade turnover is forecast to reach $23.62 billion. Year-on-year retail trade growth for the June quarter is also
expected to be 6.6 per cent.
Australian Food & Grocery Council CEO Gary Dawson said: “It’s encouraging that retail performance has improved across
all sectors since mid-2013 – from 1.9 per cent growth in June 2013 to 5.9 per cent in February 2014. Retail sales growth
is now at its strongest for more than four years.”
While labour income growth has been weak and jobs growth modest, low interest rates and falls in the value of the Australian
dollar are providing stimulus to the Australian economy.
Latest retail data from the Australian Bureau of Statistics have confirmed that retail sales picked up strongly late
last year with retailers benefiting from an extended period of low interest rates. Indeed, retailers experienced an even
better sales result in the year to December 2013 than forecast in Edition 12 of the AFGC CHEP Retail Index.
CHEP Australia & New Zealand President, Phillip Austin, said: “The continued strength in retailer sales over the past
two quarterly results suggests a more stable and certain view of economic conditions. Expectations for the next quarter
indicate a resilience in Australian retail supply chains and sales results.”
The next AFGC CHEP Retail index will be released in late July 2014.
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