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Australian retail sales: more evidence tax cuts are being saved (for now)

July retail sales: flat%mth, 2.3%yr. Tax cut ‘donut’ for retailers.

Read full report 'Australian retail sales July' (PDF 201KB)

Retail sales disappointed in July, coming in dead flat despite the launch of ‘stage 3’ tax cuts boosting incomes.  

Basic food was the only store-type to record a gain. Weakness in the month centred on clothing and department stores.

Qld and WA slightly firmer, SA and NSW slightly weaker. 

Retail adds to evidence that most of the tax cut boost to incomes was saved rather than spent in July.

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