Local shares make gains, but Fortescue shares drop. Qantas CEO Alan Joyce fronts a parliamentary committee on cost of living. Follow the day's events and insights from our business reporters on the ABC News live markets blog.
By Stephanie ChalmersThe increase came in ahead of forecasts, although the ABS says retail trade remains "subdued"."Despite rapid inflation, there’s been little growth in monthly retail sales throughout 2023, with the series only up 0.9% since January.
"We think households will continue to tighten their spending throughout 2023. We do, however, see some upside to spending in 2024 as inflation moderates and real household incomes turn positive.""While inflation has slowed from its December 2022 peak, it is still high, so translating the monthly nominal retail data into volume terms indicates that volumes probably fell by around 0.
"The performance of sales values was uneven across retailing subgroups. In fact, spending on 'household goods' actually fell by 0.2% [compared to the previous month], meaning that sales in this category have now fallen for five out of the last six months.
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