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August 28, Sydney faced a failure in retailing sales. After the failure in the previous month, Australian retail sales rebounded in the month of July with a low annual rate.
According to the reports from ABS (Australian Bureau of Statistics) showed a very low retail of 0.5% in July. It has also analyzed the rise from 0.8% in June to 0.3% in July.
The sales rate was at its lowest from the lockdown period and increased by 19% in 2022.
ABS head of retail statistics, Ben Dorber said about the rebound. He said the rebound was increased by many extra expenses like catering and takeaway food counters. It was also linked with the 2023 FIFA Women’s World Cup.
Ben Dorber, ABS head of retails stated
“While there was a rise in July, underlying growth in retail turnover remained subdued”.
The main reason the Reserve Bank of Australia has stopped its rate for two months. Due to the sluggish spending trend by the customer.
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