Australia’s retail sales to show the first negative outcome since March - ANZ

Analysts at ANZ offer a sneak peek of what to expect from Thursday’s Australian retail sales report due at 0030 GMT.

Key Quotes:

“Retail sales likely fell in August, in our view, given higher petrol prices, lower house price growth, weakening consumer confidence and soft anecdotes. This would be the first negative outcome since March, and would see annual growth slow to 2.9% y/y from 3.6% y/y in July. Conditions remain challenging for the retail sector, and it is not surprising to see the strength in sales through April and May wane.”