Australia’s June retail sales seen at +0.2% vs. +0.6% prev. - NAB

Analysts at National Australia Bank (NAB) are out with their brief preview on what to expect from Friday’s Australian retail sales release.

Key Quotes:

“Retail Sales is the most sensitive of the data prints for the week. For the June month, NAB's forecast (partly based on NAB's new Cashless Retail Sales Index for June) is for flat sales while competitive conditions still evident in the NAB Business Survey through to May.

While there is some downside risk to this estimate - together with damped sales prospects in the near term from the already in place rises in power prices - we are also mindful the Department Store Sales dipped in May and often sees payback the next month within still difficult conditions.”