4 November 2013

ABS retail sales results for September

Note

Today's retail sales figures from the Australian Bureau of Statistics show that confidence is returning to the Australian economy in the lead up to and immediately after the Coalition's election victory.

Consumers have now started taking their wallets out of their pockets.

Monthly retail trade values were up 0.8 per cent in the month of September, to be 2.9 per cent higher through the year. This monthly result was above the median market expectations of a rise of 0.4 per cent.

Quarterly retail trade volumes were up 0.7 per cent in the September quarter, to be 2.2 per cent higher through the year. Again, this was well above median market expectations of a rise of 0.2 per cent.

This result reflects the responsible, careful and methodical approach of the Coalition in Government.

Households know that they will be better off under the Coalition Government.

The new Government has already unveiled draft legislation to repeal the carbon tax and retain the personal income tax cuts and fortnightly pension increases. Repealing the carbon tax will leave families, on average, $550 better off next financial year.

Labor must immediately assist consumer and business confidence by agreeing to vote with the Coalition in repealing the carbon and mining taxes.