The Australian Bureau of Statistics is providing early estimates for many of their economic indicators during the coronavirus crisis.
- seasonally adjusted estimate fell 1.5% m/m
- +5.2% in September 2020 compared with September 2019 (y/y)
AUD is barely responsive. The focus is on US coronavirus economic stimulus ping-pong.
Something to note, while restrictions have eased folks are reluctant to spend as government support for workers is wound back and the jobs market is not even close to recovering. China's retail sales data published earlier this week showed a m/m rise but a still large negative YTD and y/y and Chinese consumers have a savings cushion unlike pretty much anywhere else in the world.
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It goes without saying that flash data reads can be revised. The ABS do say though that prelim data like this for retail sales "may be significantly different to the final published estimates"
