<?xml version="1.0" encoding="ISO-8859-1"?>  
<docID>328010</docID>
<postdate>2024-08-30 12:48:27</postdate>
<headline>Retail sales steady in July, below forecasts</headline>
<body><p><img class=" wp-image-248407" src="https://citynews.com.au/wp-content/uploads/2021/12/woman-g487885f77_1280-e1715213237432.jpg" alt="" width="900" height="600" /></p>
<caption>Clothing, footwear and personal accessory retailing fell 0.5 per cent â€“ the largest decline â€“ followed by department stores, sinking 0.4 per cent.</caption>
<p><span class="kicker-line">By <strong>Poppy Johnston</strong> in Canberra</span></p>
<p><strong>Australian retail sales were unchanged last month, coming in below forecasts even as tax cuts started flowing and supporting household spending power.</strong></p>
<p>The flat July result was below the 0.3 per cent growth consensus forecast and followed 0.5 per cent improvements in both June and May.</p>
<p>Australian Bureau of Statistics head of retail statistics Ben Dorber said mid-year sales boosted activity in those months and July managed to maintain that elevated level.</p>
<p>"The fall in turnover for clothing and footwear retailers and department stores came after higher spending during recent mid-years sales events," he said.</p>
<p>Clothing, footwear and personal accessory retailing fell 0.5 per cent â€“ the largest decline â€“ followed by department stores, sinking 0.4 per cent.</p>
<p>Cafes, restaurants and takeaway food services fell 0.2 per cent, and household goods retailing and other retailing were both unchanged.</p>
<p>The only industry to record a rise was food retailing, up 0.2 per cent.</p>
<p>Household finances have been supported by tax cuts since July 1 yet private bank transaction data suggests most consumers were so far sitting on income gains rather than spending them.</p>
<p>The Reserve Bank of Australia is tackling persistent price pressures and is looking for weaker spending to help inflation shift back to its two-three per cent target range.</p>
</body>