logo
Aussies still cautious as retail trade creeps higher

Aussies still cautious as retail trade creeps higher

Yahoo02-05-2025

Consumer spending continues to tick higher, albeit at a sluggish pace, especially in supermarkets and grocery stores.
Retail trade rose 0.3 per cent in March for a strong annual pace of 4.3 per cent, the Australian Bureau of Statistics reported on Friday.
The data implies that a Reserve Bank cash interest rate cut in February had little impact on spending in March. That cut to 4.10 per cent was the first in four years.
"Retail spending continues to grow at a steady pace, with food-related spending in supermarkets and grocery stores the main driver of growth," ABS business statistics head Robert Ewing said.
"Supermarket and grocery store sales were especially strong in Queensland, where households stockpiled essentials in anticipation of ex-Tropical Cyclone Alfred."
Turnover for the month totalled $37.3 billion.
Food retailing had the largest rise in turnover, up 0.7 per cent, along with other retailing, while sales fell 0.5 per cent for cafes, restaurants and takeaway food, along with services and department stores.
Spending on clothing, footwear and accessories rose 0.3 per cent in the month.
Retail spending grew in all states in March except Queensland, which was in the midst of Alfred.
"The extreme weather early in the month led to significant disruptions for businesses and households throughout Queensland," Mr Ewing said.
"These included temporary business closures for many retailers, particularly cafes and restaurants, while people were also advised to stay home and avoid unnecessary travel."
The statistics bureau also released the producer price index, a measure of inflation for sellers of goods and services.
It rose 0.3 per cent in the March quarter to be up 3.7 per cent over the year.
The retail spending figures will play a role in the Reserve Bank's next decision on May 20 on monetary policy, AMP chief economist Shane Oliver said.
The current market consensus is for a cut of up to 25 points on the day, taking the rate to under three per cent.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Dollar steadies after rally, focus shifts to US-China trade talks
Dollar steadies after rally, focus shifts to US-China trade talks

CNBC

time2 hours ago

  • CNBC

Dollar steadies after rally, focus shifts to US-China trade talks

The dollar held steady against all major currencies on Monday, as exuberance over an upbeat U.S. employment report gave way to caution ahead of pivotal U.S.-China trade talks set to take place in London later in the day. The talks come at a crucial time for both economies, with China grappling with deflation and trade uncertainty dampening sentiment among U.S. businesses and consumers, prompting investors to reassess the dollar's safe-haven status. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer are expected to represent the U.S. at the trade talks, while vice premier He Lifeng would likely be present with the Chinese delegation. "A deal to keep talking might be better than nothing, but unless we see a concrete breakthrough, the impact on sentiment is likely to remain muted," said Charu Chanana, chief investment strategist at Saxo Markets. Friday's upbeat U.S. jobs report yielded some relief for investors following other bleak economic data last week. The dollar advanced against major peers after the employment report, which cut weekly declines in the dollar index by more than half. However, it is still down by more than 8.6% for the year. On Monday, the yen firmed 0.10% at 144.750 per dollar, as data showed Japan's economy contracted at a slower-than-expected pace in the January-March period. The Swiss franc was steady at 0.8221 per dollar by 0041 GMT. The euro was last flat at $1.1399, while the sterling fetched $1.3535. The dollar index, which measures the U.S. currency against six others, was steady at 99.169. The yield on 10-year Treasury notes was flat in early Asia trading, after a more than 10 basis points jump on Friday. New Zealand's dollar last bought $0.6020, while the Australian dollar inched up 0.1% at $0.65 in light volumes as markets were closed for a public holiday. An inflation report out of the U.S. for the month of May will be in the spotlight later in the week as investors and Federal Reserve policymakers look for evidence on the damage trade restrictive policies have had on the economy. Fed officials are in a blackout period ahead of their policy meeting next week, but they have signalled that they are in no rush to cut interest rates and signs of better-than-feared economic resilience are likely to further cement their stance. Interest rate futures indicate that investors are anticipating the central bank may cut borrowing costs by 25 basis points, with the earliest move expected in October this year, according to data compiled by LSEG. "May is the first month where the impact of Trump's 10% universal tariff on imports ex-USMCA is expected to show. The Fed will want a few months of inflation data in order to judge the tariff impact and most importantly, its persistence," analysts at ANZ Bank said. Elsewhere, China's offshore yuan was last at 7.187 per dollar ahead of inflation and trade data.

Gen Z says salary norm should be ‘banned' — but critics say ‘it really is not that difficult'
Gen Z says salary norm should be ‘banned' — but critics say ‘it really is not that difficult'

New York Post

time12 hours ago

  • New York Post

Gen Z says salary norm should be ‘banned' — but critics say ‘it really is not that difficult'

A fired-up Gen Zer has declared being paid fortnightly in Australia should be straight-up 'banned' because she finds it difficult to manage her salary. Ren Adelina, 21, has amassed over 700,000 views on TikTok by declaring she's unhappy with a fortnightly pay cycle. 'Getting paid fortnightly needs to be genuinely banned,' she said. 'One week I am so rich, I am so rich! The next week … I am living off genuine scraps.' According to the Australian Bureau of Statistics, fortnightly is the most common pay cycle for Aussie workers, followed by weekly and then monthly. Speaking to Adelina reiterated her position and said she'd much prefer to be paid more frequently. A fired-up Gen Zer has declared being paid fortnightly in Australia should be straight-up 'banned' because she finds it difficult to manage her salary. 'I think it should be banned because for us Gen Zers we were never taught how to manage money properly,' she said. 'Getting a huge influx of money at once, of course, we are going to get excited and are going to blow it all on food, shopping, outings, etc.' Adelina said the problem with that is that once it is gone, it is gone, and then she's got to hang out for another grueling seven days. 'Then, after we spend it all, there is none left for the next week. Maybe I just have a shopping addiction,' she said. The 21-year-old doesn't just want to ban fortnightly pay with no other solution. She's got plans. 'I believe we should get paid weekly instead as it provides more frequent income, making it easier to manage all expenses. I think it also simplifies budgeting,' she said. Adelina's suggestion of banning fortnightly pay quickly took a turn when people on the internet broke the news to her that some people get paid … monthly. One warned, 'Wait until you get paid monthly.' The 21-year-old replied, 'Stop, that is so scary!' Someone else chimed in and said getting paid monthly is 'criminal' and another demanded to know what professions get paid monthly so they can avoid them. Ren Adelina, 21, has amassed over 700,000 views on TikTok by declaring she's unhappy with a fortnightly pay cycle. The commentator quickly discovered that monthly pay isn't specific to one industry. Everyone, from childcare workers to trade workers, get paid monthly. It is just up to the employer's discretion. The comment section quickly became populated by workers getting paid monthly who argued that fortnightly wasn't so bad in comparison. 'Babe, I'm counting my coins on monthly pay,' one said. 'Monthly is horrendous,' another shared. 'I get paid monthly. You got lucky,' someone claimed. 'Every adult I know gets paid monthly. Budgeting is hard,' another worker shared. 'Fortnightly isn't bad. Wait until you see monthly,' one warned. 'I applaud those who can wait a whole month. I can't even do two weeks,' someone else shared. Quite a few people also suggested to the 21-year-old that it wasn't how frequently she was getting paid but rather how she managed her money. 'Just budget. It really is not that difficult. I love getting paid fortnightly,' one shared. 'Not knowing how to budget should be banned,' another joked. 'I get paid fortnightly, and when you get paid, literally just split it in half and put it aside in another account until the following week,' someone else said.

Elon Musk body-checked Treasury Secretary Scott Bessent ‘like a rugby player' during fiery clash at White House: report
Elon Musk body-checked Treasury Secretary Scott Bessent ‘like a rugby player' during fiery clash at White House: report

New York Post

timea day ago

  • New York Post

Elon Musk body-checked Treasury Secretary Scott Bessent ‘like a rugby player' during fiery clash at White House: report

Elon Musk aggressively body-checked Treasury Secretary Scott Bessent in the White House after being called a fraud – igniting a fiery clash that sparked the billionaire's messy falling-out with President Trump, a new report claims. The heated scuffle broke out in mid-April after both men pitched rival plans for the Internal Revenue Service to Trump in the Oval Office, with the president ultimately backing Bessent's choice, the Washington Post quoted former White House official Steven Bannon as saying. The pair left the meeting hurling insults at each other within earshot of the president's office, Bannon told the outlet. Advertisement 3 Elon Musk reportedly hurled his body into Scott Bessent's rib cage during a heated scuffle in the White House. Getty Images 'Scott said, 'You're a fraud. You're a total fraud,'' Bannon said, referencing the-then Department of Government Efficiency honcho's attempt to slash $1 trillion in federal spending. The verbal spat turned allegedly physical when the world's richest man rammed his shoulder into Bessent's rib cage 'like a rugby player,' prompting the treasury chief to fight back, the paper said Bannon claimed. Advertisement Bannon told the outlet it took multiple people to break up the playground tussle, before the SpaceX and Tesla founder was quickly removed from the West Wing. 'President Trump heard about it and said, 'This is too much,'' said Bannon, who has long been critical of Musk and his involvement in Trump's campaign and presidency. 3 The fiery clash started when Bessent called Musk a 'fraud.' Francis Chung/UPI/Shutterstock The latest details on Musk's dramatic White House exit emerged just days after the X owner went on a multi-day social media rampage against the commander in chief over his support of the 'big, beautiful' bill making its way through Congress. Advertisement Their breakup has unfolded in real time on social media and escalated after Trump told reporters in the Oval Office Thursday that he was 'disappointed' in the ex-DOGE chief, noting, 'I've helped Elon a lot.' 3 The latest details on Musk's dramatic White House exit emerged just days after the X owner went on a multi-day social media spiral against Trump. FRANCIS CHUNG/POOL/EPA-EFE/Shutterstock Musk proceeded to lash out against the president, accusing the Trump administration of withholding documents related to convicted pedophile Jeffrey Epstein because the president would be mentioned in them. Trump charged that Musk has gone 'crazy' and threatened to cancel the 'Billions and Billions' of dollars in contracts and subsidies the entrepreneur receives from the federal government. Advertisement Bannon also demanded a federal investigation into Musk's immigration status, pressing that he should be deported 'immediately.' Musk, who hails from South Africa, is an American citizen, according to reports. The White House and Treasury Department did not immediately respond to requests for comment. Reps for Musk couldn't immediately be reached for comment.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store