Australians have been Z1Pping It. If this won't, I don't know what will.Retail sales surge to $31.6b, point to
stronger GDPRetail sales surged 7 per cent in November and are now 13.9 per cent higher than pre-COVID levels following a strong Black Friday sales bump last month.
Preliminary seasonally adjusted data from the Australian Bureau of Statistics show that the monthly rebound is the fourth biggest jump since the data series began in 1982. The three other biggest monthly jumps were either this year following big falls or in 2000 when the GST was introduced.
Sales in November hit $31.6 billion. It is the first time in the series that Australians have spent more than $31 billion in just one month and is a further indicator that the tapering of JobKeeper has not held back consumer spending, which improves prospects for strong GDP growth in the December quarter.
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Australians have been Z1Pping It. If this won't, I don't know...
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