Australia's retail sales dipped unexpectedly in July, with a 1 per cent decrease offsetting much of the 2 per cent rise in June. It had been expected that the tax cuts and benefit payments announced in the May 2004 budget would support further strong spending growth in July. The underlying sales trend remains positive, and seasonally adjusted turnover rose by 6.4 per cent in the 12 months to July 2004.
© Business News 2018. You may share content using the tools provided but do not copy and redistribute.