Retail sales up, dwelling approvals down
The Reserve Bank of Australia’s decision to increase interest rates was just one of several economic announcements yesterday.
The Australian Bureau of Statistics reported a 1.2% rise in retail sales in January, seasonally adjusted, against a 0.9% decline the month before.
Department Store sales rose the most, up 7.2%, followed by clothing and footwear sales which jumped 2.9%.
Myer shares climbed 1.2% yesterday, while David Jones also edged higher.
New South Wales was the second worst performing state, with only 0.4% growth, ahead of Tasmania. South Australia led the way with a 3.7% climb.
Elsewhere, the ABS said that dwelling units approved fell 7% in January.
Approvals for non-house dwellings slumped 29.1%, while private home approvals rose 0.3%.
Meanwhile, the value of total building approvals fell 24.6% in January with the value of both residential (-6.2%) and non-residential building approvals (-41.9%) falling.
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