Australia Retail Sales Rebound more than Expected in May

Australia’s retail sales rebounded in May as consumers were lured by online sales and promotional discounts, a sign of the economy’s resilience and adding to the case for another rate hike by the Reserve Bank of Australia.

Data released on Thursday showed that retail sales in Australia recorded a seasonally adjusted monthly rate of 0.7% in May, after being flat in April.

Analysts had expected an increase of just 0.1%. Sales were recorded at A$35.52 billion (US$23.52 billion), up 4.2% year-on-year, matching April’s rise but a far cry from the 19% boom seen in the post-pandemic period in the middle of last year.