Australia: Cashless Retail Sales Index gained 0.2% in September – NAB

Australia’s NAB Cashless Retail Sales Index gained 0.2% in September on a month-on-month basis, its weakest result since April this year, notes the research team at NAB. 

Key Quotes

“Five out of six major categories grew in the month; while other retailing contracted.”

“On the other hand, our data mapping suggests that the official ABS measure of retail sales will strengthen to 0.4% on a monthly basis, up from a print of 0.3% in August.”

“The NAB Cashless Retail Sales Index was up 10.4% year-on-year in September. Year-on-year growth is positive for all six NAB Cashless Retail Index major industry groupings.”

“The previous convergence in retail spending patterns across Australia looks to be weakening.”