Retail in Asia

In Markets

Australia’s retail sales in surprise retreat

Australian retail sales registered a disappointing result in April, with total turnover contracting for the first time in 2012. The decline sent the dollar skidding at investors raised their bets of another interest rate cut.

Sales for the month fell 0.2 percent, defying expectations by analysts of a gain by that margin, to total a seasonally adjusted AUD21.256 billion (USD20.81b), according to the Australian Bureau of Statistics.

The drop was a sharp reverse from March’s revised 1.1 percent increase in retail turnover.