Three month retail slide comes to a halt

1 September 2011

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 July 2011 was 0.8 per cent higher (seasonally adjusted) than the previous month’s figures.

This compares to the national retail turnover which had a 0.5 per cent increase during the same month.

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

“After three months of declining retail trade, it is welcome news that trade increased in South Australia during July,” said Mr Vaughan.

“Our State has been hit hard by a drop in consumer spending over recent months and while it is only a small increase, it exceeds the national average for the month.

“The retail sector is a significant employer here in South Australia and it is essential that consumer confidence is able to build momentum in the second half of this year.

“The business community remains under pressure, and rising costs and low confidence levels have justified the Reserve Bank’s decision to leave interest rates on hold.

“We look forward to retailers in the CBD being provided with a valuable opportunity this weekend with AFL being played at Adelaide Oval.

“It will provide a taste of things to come and having a vibrant CBD will pass on many benefits to the business and wider community.”