Australia November retail sales boom in timely boost to economy

It blew away expectations of a 3.9% gain and left sales 5.8% up on November last year at a record A$33.41 billion ($24.00 billion), a major boost to economic growth in the quarter.

Australian retail sales surged past forecasts for a second month in November as consumers splashed out their pent up savings, a reminder of how well the economy was doing before an explosion of coronavirus cases cast a pall over Christmas.
 

Figures from the Australian Bureau of Statistics out on Tuesday showed retail sales jumped 7.9% in November, adding to an already stellar 4.9% rise in October as much of the country emerged from a tough pandemic lockdown.
 

It blew away expectations of a 3.9% gain and left sales 5.8% up on November last year at a record A$33.41 billion ($24.00