Australian online retail sales lift in May as consumers spend $63b in past year
The 0.7 per cent May lift compared with the 1.1 per cent April increase, according to new National Australia Bank figures on Tuesday.
The bank's data estimates Australians spent just over $63 billion on retail goods online in the 12 months to May. Growth was recorded for most categories, except for homewares, appliances and takeaway food.
Fashion, games and toys rebounded in May to lead the growth. Across the country, the Northern Territory posted the biggest growth, up 4.9 per cent, followed by Victoria, up 1.9 per cent.
WA and Tasmania posted the biggest declines, both dropping 0.3 per cent.
NAB chief economist Sally Auld said the deceleration in online sales in May followed a fairly strong April.
'Along with the rebound in spend on fashion in May, there was continued strength in grocery and liquor spend for the two largest sales States, NSW and Victoria,' she said.
'This seems particularly strong for Victoria, which over the past year has led the major sales States for this category.'
The NAB data comes a day before the Australian Bureau of Statistics is set to release retail sales figures for May.
Following a 0.1 per cent fall in retail turnover in April, ANZ economists expect a 0.2 per cent lift in May.
Australian retailers have experienced a subdued start to the year, despite falling inflation and interest rate cuts boosting disposable incomes.
The Reserve Bank's 0.25 basis-point reduction in the cash rate in May was the second round of relief following 13 hikes since it began lifting rates in 2022. The cash rate now sits at 3.85 per cent.
Slower-than-expected inflation figures last week have bolstered the case for the RBA to cut interest rates again when it next meets on July 7-8.
Consumer sentiment was hit by global uncertainty stemming from Donald Trump's threatened trade war, and though tensions are easing, confidence remains muted.
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