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Australia’s NAB Cashless Retail Sales Index gained 0.8% in May on a month-on-month basis, following a flat read in April (revised from -0.6%), points out the research team at NAB.  

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Our data mapping suggests that the official ABS measure of retail sales will be flat in May following the stronger-than-expected 0.4% in April.  Our April estimate was revised this month, although remains well below the ABS April print.”

The data remains more encouraging on a year ended basis, with the NAB Cashless Retail Sales Index up 10.3% in May,  although this is potentially distorted by special factors from late-2017 (for example Black Friday sales and Apple’s Iphone x).”

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

Retail spending patterns continue to converge across Australia,  with an only 2.0 ppt difference between the fastest growing state (the Australian Capital Territory) and the weakest (Western Australia).”