2 weeks Ago By Cameron Micallef
Stage 3 tax cuts have been unable to lift Australia’s retail spending. Retail turnover in September rose just 0.1 per cent, according to seasonally adjusted figures released on Thursday by the Australian Bureau of Statistics (ABS).
This comes after growth of 0.7 per cent in August 2024 and a flat result in July 2024 when the tax cuts kicked in. “After a boost last month from warmer-than-usual weather, retail spending held firm in September,” ABS head of business statistics Robert Ewing said.
Cafes, restaurants and takeaway food services (0.4 per cent) was the only industry to rise this month. Meanwhile, department store sales, clothing, footwear and personal accessory retailing continued to struggle for the month.
Department stores (-0.5 per cent), clothing, footwear and personal accessory retailing (-0.1 per cent) and food retailing (-0.
1 per cent) all had small falls following rises in August. “The August boost in spending on alcohol was temporary, with a sharp reversal in liquor retailing this month driving the fall in food spending,” Mr Ewing said. Building approvals Building approvals rose in September, with the number of dwellings approved up 4.
4 per cent to 14,843 following a 3.9 per cent fall in August. “The rise this month was driven by increases across all dwelling types.
Private sector houses reached 9745 approved in September to be at the highest level since August 2022,” ABS head of construction statistics Daniel Rossi said. “Private dwellings excluding houses rose by 4.7 per cent but remain at subdued levels following a 13.
5 per cent fall in August.” The value of total buildings approved rose 1.4 per cent ($13.
61bn) following a 1.1 per cent rise in August. Dwelling approvals in Queensland, South Australia and Western Australia all grew growth over the month Western Australia approved 1661 private sector houses, its highest number since May 2021.
Meanwhile, NSW was the worst performing, with total dwellings falling by 14. 8 per cent for September..
