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News.com.au
3 days ago
- Business
- News.com.au
Building approvals fall 5.7 per cent in April
REA Group Senior Economist Eleanor Creagh has responded to the latest economic figures showing a 5.7 per cent decline in building approvals for April, a result that fell short of market expectations. "The monthly trend for building approvals is incredibly volatile,' Ms Creagh said. 'But we have seen that fall in the most recent data released from the Australian Bureau of Statistics today. "However, we are still seeing that over the past year, the general trend in terms of where approvals are tracking is positive and is moving in the right direction.'
The Australian
3 days ago
- Business
- The Australian
Retail trade falls despite Easter and Anzac Day
Australians are still not spending despite back-to-back public holidays in April, which could force the Reserve Bank of Australia to come to the rescue with additional rate relief. The latest figures by the Australian Bureau of Statistics shows retail sales fell by 0.1 per cent in the month of April despite having two holidays. This follows growth of 0.3 per cent in March 2025 and 0.2 per cent in February 2025. Food-related spending was up, with growth in cafes, restaurants and takeaway services growing 1.1 per cent to be the standout. Oxford Economics Australia lead economist Ben Udy said the RBA may cut rates even sooner than expected. 'This weakness is one indication that households are being a little cautious in the face of rising global uncertainty,' he said. 'We still expect consumption to rise over the rest of the year, supported by the recovery in real household incomes and RBA rate cuts. 'But unless consumption picks up a little more strongly in the coming months, the RBA may cut rates even sooner than we currently expect.' RBA governor Michele Bullock delivered further rate relief in May. Picture: NewsWire / Nikki Short The Reserve Bank of Australia began its rate cutting cycle in February, pausing on the cash rate in April before cutting again in May. It has reduced the official cash rate from 4.35 per cent at the start of 2025 to 3.85 per cent after the second interest rate reduction. The ABS data was in April occurring prior to the second interest rate reduction. ABS head of business statistics Robert Ewing said retail spending eased in April, particularly on clothing. 'Falls were partly offset by a bounce-back in Queensland as businesses recovered from the negative impacts of ex-Tropical Cyclone Alfred last month,' he said 'The rise in food-related spending was driven by more dining out in Queensland this month. The bounce-back comes after adverse weather negatively impacted cafe and restaurant sales,'Mr Ewing said. Australians kept their hands in their pockets in April. Picture: NewsWire / Gaye Gerard There were mixed results across the industries with the largest falls in clothing, footwear and personal accessory retailing down 2.5 per cent while department stores also slumped 2.5 per cent. This was partially offset by rises in other retailing up 0.7 per cent and household goods retailing which rose 0.6 per cent. 'Clothing retailers told us that the warmer-than-usual weather for an April month saw people holding off on buying clothing items, especially new winter season stock,' Mr Ewing said. Retail turnover rose in Queensland by 1.4 per cent and Western Australia 0.4 per cent with all other states and territories recording a fall since March. 'Queensland retailers recovered from last month's temporary business closures and fewer customers,' Mr Ewing said. 'In April, we saw higher spending in the industries most impacted by ex-Tropical Cyclone Alfred. More people dined out and made recovery purchases on household items like furniture and electrical goods.'
Bloomberg
3 days ago
- Business
- Bloomberg
Australian Retail Sales Unexpectedly Fall, More RBA Cuts Seen
Australian retail sales unexpectedly fell in April after three months of gains, led by a decline in clothing purchases and prompting traders to bring forward expectations for a third interest rate cut this year. Sales dropped 0.1% in April from a month earlier, compared with a forecast 0.3% increase, figures from the Australian Bureau of Statistics showed Friday. The decline caps a week of dour economic data including private capital investment which fell in the first quarter against economist expectations for a gain, and construction work done which was flat, again confounding estimates for a rise.
Reuters
3 days ago
- Business
- Reuters
Australia retail sales dip 0.1% in April, miss forecasts
SYDNEY, May 30 (Reuters) - Australian retail sales dipped unexpectedly in April as warm weather hit spending on winter clothing, while department stores suffered from a dearth of discounting events in further evidence of a subdued consumer. Data out from the Australian Bureau of Statistics (ABS) on Friday showed retail sales fell 0.1% in April from March, when they edged up 0.3%. The outcome was well short of market forecasts of a 0.3% increase. Sales of A$37.2 billion were up 3.8% on a year earlier, a slowdown from 4.3% in March and historically sluggish given annual population growth is running around 1.7%.
News.com.au
3 days ago
- General
- News.com.au
There's a silent epidemic threatening the lives of Aussies
Something sinister is afoot inside the minds of Australians, warn psychologists, but there are limited options when it comes to documenting its spread. According to research conducted between 2020 and 2022 by the Australian Bureau of Statistics (ABS), more than two in five Australians aged 16–85 years have experienced a mental disorder in their lifetime, with one in five Australians experiencing a mental disorder in the 12 months preceding the study. One in four Australians will be affected by an anxiety disorder in their lifetime, but it's the suffering we don't yet have statistics for that has mental health experts sounding the alarm. 'For a person experiencing anxiety to be diagnosed with an anxiety disorder, the symptoms must meet a certain threshold,' explains psychologist Anoushka Dowling, adding that a collection of symptoms known as 'subclinical' or 'subthreshold' anxiety is also on the rise. 'For people with subclinical anxiety, the symptoms are similar but below the threshold for diagnosis,' she explains. 'They may experience frequent and persistent worry (about work or other everyday situations), restlessness, troubles sleeping, tension in the body and difficulty concentrating. Ultimately, subclinical anxiety doesn't significantly impact your life and daily functioning, for example you are still able to work, socialise, and carry out responsibilities, but it can still be intense.' A few studies have attempted to quantify the impact of subclinical anxiety in recent years, with one British study finding it to be 'a common, recurrent and impairing disease with verifiable morbidity that claims significant healthcare resources and as such should receive additional research and clinical attention.' Australia is in the grips of a mental health crisis, and people are struggling to know who to turn to, especially our younger generations. Can We Talk? is a News Corp awareness campaign, in partnership with Medibank, equipping Aussies with the skills needs to have the most important conversation of their life. Ms Dowling believes the reasons for the growing number of anxious Aussies are multifaceted. 'My clients are consistently reporting that cost of living pressures increase feelings of anxiety, which then leads to stress relating to income, job security and housing stability,' she explains. 'From a global perspective, increased natural disasters, global unrest, climate change and political unease create an undercurrent of anxiety that is exacerbated by time spent on social media and the greater connectivity with the global community at any and all hours of the day. When laid out like that, it is little wonder that anxiety is increasing in Australia, especially among young people.' Indeed, as with many mental health disorders and symptoms, our nation's young people appear to be the canaries down the coalmine, with research commissioned by health insurer Medibank finding that Gen Z is the least confident generation when it comes to managing their mental health, with two thirds of 18-30 year olds saying they would find it hard to tell older close family members they were having challenges. 'It's quite a confronting situation,' said Black Dog Institute executive director Sam Harvey, while Orygen executive director Professor Patrick McGorry called youth mental health 'Australia's national crisis.' When it comes to subclinical anxiety, says Dowling, there are actually a range of interventions we can make to try and prevent things becoming worse. 'One of the most important steps is to pay attention to your thoughts and your body and notice the feeling of anxiety,' she explains. 'What signs is your body giving you? Sleep disruption, muscle tightness, clenching jaw, inability to rest etc are all good clues. You can implement mindfulness or breathing techniques to support relaxation. Following this, practice self-care strategies, connect with your friends to talk through your worries, ensure your sleep, nutrition and routine is healthy, and reach out for support through a professional if possible as preventing your anxiety from progressing is key.' And while avoiding the distress caused by subclinical anxiety should be a priority, Dowling cautions that understanding anxiety and its role in our lives is also crucial. 'It is important to note that feeling anxious is a normal part of human life,' she says. 'Being mentally well doesn't mean that you won't experience feelings of anxiety, it just means that you can manage these feelings and stay within a healthy level of functioning. Mental wellbeing is about ensuring you have the social, emotional and psychological resources to manage periods of anxiety. The key is ensuring you have a combination of internal and external coping strategies that you can draw from when needed.' Dowling suggests strategies like mindfulness, relaxation, journalling, goal setting, connecting with friends and family, exercising, and engaging in hobbies for enjoyment can all form a good scaffolding for coping with anxiety of any kind. 'Building a good foundation means we can default back to a healthy space when anxiety arises,' she says.
