Cash handouts contribute $758 million to retail sales
[Thu 02/07/2009 08:45:32]
The retail sector has grown by close to four per cent since the government introduced its first stimulus package, said the Australian National Retailers Association (ANRA).
Retail sales grew by one per cent in May, after a 0.3 per cent increase in April, and a 2.2 per cent increase in March.
“Modelling by Access Economics estimates the cash handouts contributed $758 million in retail sales in May, bringing the stimulus effect of the two cash handouts to $3.6 billion,” said ANRA CEO Margy Osmond.
“Without the stimulus packages, the retail sector would be in a much poorer state.”
All the states experienced growth, except for Tasmania. Western Australia was the leader, growing 3.5 per cent, Victoria is up 0.7 per cent, Queensland up 1.5 per cent, South Australia gained 1.8 per cent. NSW and the NT are relatively unchanged.
Department stores grew 5.5 per cent, and clothing and soft good retailing was up 2.9 per cent. Continued lack lustre demand for household goods saw sales fall 2.0 per cent.
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