Recent reductions in the cash rate and tax incentives failed to boost consumer confidence, with the index falling 4.2% in July to 96.5, the lowest reported level in two years on the back of concerns around the economy and personal finances over the coming year. While online sales grew 3.6% in May (offsetting the fall recorded in April), traditional retail sales grew by only 0.1% over the same period.
Source: Australian Bureau of Statistics
Online retail sales
Source: NAB Online Retail Sales Index