Australian retail sales rose in November as demand for retail goods increased during black Friday promotions. This contributed to increasing consumer spending and pushing the economy away from recession.
According to data from the National Bureau of Statistics, retail sales rose 1.2% in November, beating expectations of 0.4% and a previous reading of 0.5%, the fastest pace since the beginning of 2013.
Sales were up 2.9 percent on a year earlier at a record seasonally adjusted high of A$ 26.38 billion ($ 20.77 billion). Gains were led by 4.5% rise in household goods and 2.2% increase in other retail trade.
Throughout 2017, Consumer spending has been under pressure as household debt levels rose and wage growth slowed, one of the reasons why the Reserve Bank of Australia maintained its expansionary monetary policy and did not rush to raise interest rate.
