Latest data released by the Federal Statistics Office - 30 June 2020

  • Prior -19.9%; revised to -18.8%

That's quite the jump in retail sales activity and even when you account for non-food and ex-fuel items, retail sales is only seen down 1.7% year-on-year in the month of May (this reading was -39.0% in April for some context).

The thing to consider though is how much of this may be related to pent-up demand due to the virus lockdown in April. I reckon that we'll only get a better idea of "real demand" in the economy once we get to July to August data.