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The NAB Cashless Retail Sales Index for Australian economy gained 1.1% in August, following a gain of 0.7% (revised) in July, notes the research team at NAB.  

Key Quotes

“All of the six major categories grew in the month; four saw an improvement while one saw (household goods) steady growth and another (cafes, restaurants and takeaway) saw growth moderate.”

Our data mapping suggests that the official ABS measure of retail sales will be flat in August, following a flat ABS print in July.  Our forecast last month was 0.1%, but has been revised to -0.1%.”

The NAB Cashless Retail Sales Index was up a more encouraging 11.5% year-on-year in August,  although this is still potentially distorted by special factors from late-2017, including the new to Australia  Black Friday  sales.”

Year-on-year growth is positive for all six NAB Cashless Retail Index major industry groupings.”

The convergence in retail spending patterns across Australia, which has been present for some months, remains.”

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