Low wage growth, high personal debt levels and a weakening housing market – particularly in Sydney and Melbourne – have made consumers reluctant to spend on non-essentials.
Online sales growth faster over the month, slower for the year.
The NAB Cashless Retail Sales Index gained 0.8% in October on a month-on-month basis, rebounding from a much weaker 0.2% in September.
In seasonally adjusted terms, at 0.3%, online retail sales slowed in September. The 12 months to growth rate is also slower.