Australian Bureau of Statistics figures for July 2023 reveal retail turnover in SA increased by 4.2 per cent from July 2022 to be the highest of all states and well above the national average of 2.1 per cent, in seasonally adjusted terms.
In the month, retail trade levels fell by 0.1 per cent, reflecting rising interest rates beginning to impact household budgets.
This was a smaller fall than Western Australia and Tasmania, but below the national average in the month of 0.5 per cent.
The through the year growth figure reflects South Australia’s resilience so far on economic statistics compared to the rest of the nation. However, the monthly result confirms that we are not immune from national trends.
While inflation is a factor in rising retail trade levels, the actual volume of goods sold in South Australia has also held up in comparison to the rest of the nation.
On last month’s release of quarterly retail trade figures, real retail trade levels increased by 1.1 per cent, easily the highest growth in volume of goods sold of all states. This was well above the national average of a fall of 1.4 per cent.
As put by Stephen Mullighan
Today’s annual increase in retail turnover in South Australia highlights our relative strength over the past few months, compared to the rest of the nation.
However, the monthly result confirms that we will not be immune from national headwinds.
The South Australian economy has demonstrated that it is approaching an uncertain period from a position of strength.
While we’re well positioned, we should expect economic figures to continue to soften.
The Malinauskas Government’s program will continue to provide a solid base of support for the South Australian economy through this period.
