The steady flow of strong economic data has continued, with retail sales figures today showing that the value of Victoria’s retail sales grew faster than the national average and the equal highest among the states in November 2017.
Recent figures from the Australian Bureau of Statistics (ABS) show that in the year to November 2017, Victorians spent a record $78.9 billion on retail sales, an increase of 4.9 per cent over the year, compared with a national increase of just 2.9 per cent.
For the month of November alone, Victorian retail sales came in at $6.8 billion, more than a quarter of total Australian retail sales for the month and underlining the strength of Victoria’s economy.
Driving growth was ‘other retailing’ (which includes pharmaceutical and recreational goods), department stores, and household goods. The ‘cafes, restaurants and takeaway food’ subsector grew by 1.6 per cent in the month, and 4.8 per cent over the year to November, both stronger than the national average.