Markets and economy reporter
Consumer spending picked up in June, fuelled by categories such as electronics. Photo: Getty Images
Retail sales surged in June, easily beating expectations, as consumers and small businesses opened their wallets to spend on electronics, furniture, housewares and do-it-yourself renovations and hardware.
The Australian Bureau of Statistics said on Tuesday seasonally-adjusted month-on-month growth in retail turnover was 0.7 per cent, compared with a revised 0.4 per cent in May and expectations of 0.4 per cent.
It was the biggest monthly jump since February and takes year-on-year growth in the value of retail turnover to 4.9 per cent.
Currency traders took heart from the figures, bidding the Australian dollar up more than one-fifth of a US cent, to US72.88¢. In early-afternoon trade it was fetching US72.90¢.