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Rates cut wasn't enough to lift flat retail figures

OFFICIAL figures show retail sales were flat in October after two months of growth, despite the Reserve Bank cutting interest rates that month.

The Bureau of Statistics numbers show turnover was steady at $21.6 billion dollars in the month on a seasonally adjusted basis, after rising in August and September.

The result was lower than anticipated, with economists tipping a rise of 0.4 per cent in October.

Food retailing was the only sector to see better conditions, with sales rising 0.9 per cent, and the ABS says this category is seeing the strongest performance in the longer term.

Purchases of household goods saw the largest decline in the month, down 1.6 per cent.

Read more at ABC news online.

Topics:  abs interest rates rate cut


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