Australian consumers headed back into shops in April, energizing the long dismayed retail sector, however, housing market continued to remain in troubling waters as building approvals fell sharply.
Retail sales marked a rise higher than expected 0.6 per cent touching a seasonally adjusted $20.12 billion in April, compared to $20bn in March, the Australian Bureau of Statistics uncovered today.
However, economists had augured a 0.3 per cent climb.
In addition, cash registers also witnessed hotness in March, with the ABS raising its original estimate for retail sales to a rise of 0.8 per cent compared to 0.3 per cent.
The ABS posted that the total number of Australian houses and apartments granted approval for construction witnessed a slip to a seasonally adjusted 14.8 per cent in April from March.
On average, economists had estimated total residential building approvals to mark a squeeze 5 per cent.
While, private-sector house approvals were witnessed to slip to seasonally adjust 13.5 per cent compared to the previous month, the ABS pointed.
Stephen Walters, Chief economist at JPMorgan, quoted, "It looks like the last interest rate increase in April pushed a lot of consumers across the pain threshold."
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