Australian retail sales in November recorded the highest growth rate in a whole year.

The Australian Bureau of Statistics released retail sales data for November this morning, which came in below expectations. However, it recorded the highest growth rate since November 2023.

According to the data, retail sales in Australia grew by 0.8% in November on a monthly basis, but this was lower than market expectations of a growth rate of 1.0%. Nevertheless, this reading is the highest in a year and follows a lower growth of 0.5% in retail sales during October.

The retail sales index is one of the key indicators measuring changes in total retail sales in Australia. It reflects overall economic activity and contributes to determining inflation levels. Additionally, a positive reading of the index is a strong driver for movements in the Australian dollar, as consumer spending constitutes a significant part of economic activity in the country.