Retail trade fell in October but was still stronger than 2022

The news: Australia's retail trade edged slightly lower in October after a short-lived spending burst in September, but figures are stronger than a year ago, ABS statistics show.

The numbers: Retail turnover fell 0.2% to $35.77 billion in October from $35.8 billion the month before. However, it was still 1.2% higher than in October 2022, and the small decline came after increases of 0.2% in August and 0.9% in September.

The context: The September figure was the highest since November 2022, so the October belt-tightening could indicate consumers were waiting for Black Friday sales events, the ABS said. Cost-of-living pressures continue to restrict household finances, and tomorrow's consumer price index will give some indication of how the RBA's battle to tame inflation is going.

What they said: "It looks like consumers hit the pause button on some discretionary spending in October, likely waiting to take advantage of discounts during Black Friday sales events in November," ABS retail statistics head Ben Dorber said in a statement. "This is a pattern we have seen develop in recent years as Black Friday sales grow in popularity."