Local retail trade increase follows national trend

Figures released today by the Australian Bureau of Statistics (ABS) reveal an increase in local retail trade, according to the State’s leading business membership organisation, Business SA.

Retail turnover in South Australia for August 2011 was 0.6 per cent higher (seasonally adjusted) than the previous month’s figures.

This compares to the national retail turnover which had a 0.6 per cent increase during the same month.

Business SA Chief Executive Officer, Peter Vaughan, said that it was pleasing that retail trade increased in line with the national average.

“It has been a tough year for retailers and we welcome the increase in trade during August,” said Mr Vaughan.

“While it is only a small increase, it is in line with the national average and is the second increase in the past two months.

“The Reserve Bank must cut interest rates before Christmas to get consumers spending and the economy up and running.

“It is important that we do not have a repeat of late last year when interest rates restricted spending and put enormous pressure on businesses throughout the State.

“The retail sector is a significant employer here in South Australia and businesses need to have confidence in the economy to hire more workers over the coming months.

“As we approach the festive season, it is essential for the local business community that consumers are spending and retail trade data is heading in the right direction.”