Retail sales data bounced earlier:
Big ticket item new car sales also reported today, for June:
- Federal Chamber of Automotive Industries (FCAI) data
In June 110,234 vehicles sold, which is -6.4% on June 2019. Recently:
- -18% in March y/y
- -48.5% in April
- -38.35 % in May
Interestingly I have seen two contrasting headlines on this result, both acknowledge the +110k result but look at it differently:
- New car sales up slightly in June after a disastrous few months
- What crisis? New-car sales surge in June 2020, best result in 12 months
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ps. Australians contribute to a compulsory retirement savings scheme, superannuation. They can access the funds after they turn 65 (or something like that, maybe its 150, I don't know) . As the coronavirus crisis hit the government allowed people to access $10,000 from their superannuation account. This has been cited as one reason for the uptick in sales of bigger ticket items. As a note, those who did access their savings in this way, if the funds were invested in stock market related instruments, they sold near the low. Bummer.