Bargain hunters helped lift the Australian economy in May, producing a 0.6 per cent boost to retail turnover across the month according to the latest figures from the Australian Bureau of Statistics.
The May jump followed a comparatively flat 0.1 per cent rise in April and a 0.4 per cent fall in March on seasonally adjusted figures.
But ABS head of business statistics Robert Ewing warned underlying trends were still “stagnant”.
“Retail turnover was boosted this month by watchful shoppers taking advantage of early end-of-financial year promotions and sales events,” he said.
“Retail businesses continue to rely on discounting and sales events to stimulate discretionary spending following restrained spending in recent months.
“Despite the seasonally adjusted rise, underlying spending remains stagnant with retail turnover flat in trend terms.
![LAST MINUTE SHOPPING](https://timesofsydney.com/wp-content/uploads/2024/07/15ac51b648f6a4e4a475a7da8ae9e094b61ba96e.jpg)
“Compared to May 2023, trend is only up 1.5 per cent.”
Building approvals also rose in May, lifting 5.5 per cent across the month after a 1.9 per cent increase in April.
ABS head of construction statistics Daniel Rossi said the rise in approvals was driven by private sector dwellings, excluding houses, which rose 16.3 per cent.
“Private sector house approvals also rose by 2.1 per cent,” he said.
Total dwelling approvals rose in all states, with Western Australia leading the rise, up 19.6 per cent.
This was followed by Victoria at 8.9 per cent, Queensland with 6.3 per cent, South Australia at 4.1 per cent, Tasmania with 3.8 per cent and NSW at 2.9 per cent.
More to come.