Australia: Online sales still growing, albeit slower over the month and year - NAB

In seasonally adjusted terms, at 0.7%, growth in Australia’s online retail sales slowed in June, from a rapid 1.4% in May, notes Alan Oster, Group Chief Economist a NAB.

Key Quotes

“The revised estimate for trend online retail sales growth was 0.3%. While this is lower than May (0.4%), it remains positive.”

“In the 12 months to June,  we estimate that Australians spent an estimated $22.74 billion on online retail – a level that is equivalent to around 7.4% of the traditional bricks and mortar retail sector (May 2017 - Australian Bureau of Statistics).”

“In year on year terms (June 2017 v June 2016), online sales grew by 7.6%, down from the 8.2% year-on-year growth rate in February.”

“Noteworthy is the annual sales growth of SMEs far beyond their corporate peers in the most recent period, despite a contraction in their sales growth in June.”