• QII Total volumes rose 1.7% QoQ, to be up 4.2% YoY (CBA(f) +1.4%QoQ, market +1.5%)
• Even more encouragingly, core (ex-auto) retail sales rose by 2.3% over the quarter, to be up 4.4% YoY
• The strength was focussed primarily those related to tourism and the housing market.
Retail sales volumes increased by 1.7% over QII, a little stronger than our central forecast but not all that surprising. Even more encouragingly, core (ex-auto) retail sales rose by 2.3% over the quarter. Generally speaking the strength was focussed in the sectors that we expected – primarily those related to tourism and the housing market.
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Commonwealth Bank