Australia retail sales rise at slower pace

Bloomberg

Australian household spending rose at a slower-than-expected pace in January as a short,
sharp Covid-19 lockdown in the northeastern state of Queensland dragged on stronger performances in other parts of
the country.
Preliminary retail sales advanced 0.6% from December, but came in below economists’ median estimate of a 2% gain, the Australian Bureau of Statistics said in a report released
in Sydney. Queensland dropped 1.5% last month, while New South Wales advanced 1%.
“There continues to be variations in retail sales between states and territories, as Covid-19 restrictions are tightened or eased,” said Ben James, an official at the ABS.
“All states and territories rose in January, except Queensland, where a three-day lockdown impacted trade.”
Australians are cashed up from government stimulus and fewer spending options during the Covid-19 lockdown. That’s been reinforced by the central bank slashing its key interest rate to 0.10% and initiating bond-buying programs that have helped lower borrowing costs across the economy.