Australia's retail sales figures are back in positive territory, and the local market has Apple to thank.
In what was a stunning beat of market expectations Australia’s September retail sales printed a seasonally adjusted increase of 1.2% against market expectations of a rise of 0.4%.
In what market watchers are calling a rare event, the Australian Bureau of Statistics pointed at a specific product that was boosting retail sales figures: the iPhone 6.
In its release about the retail sales figures this morning, the ABS wrote:
In seasonally adjusted terms the largest contributor to the rise was household goods retailing (4.1 per cent) where electrical and electronic goods retailing recorded growth (9.2 per cent).
This figure was influenced by the release of the iPhone 6 during the month.
The increase in electrical and electronic goods retailing represents about half of the total Australian sales movement of 1.2 per cent in seasonally adjusted terms. Other industries which experienced rises were, cafes, restaurants and takeaway food services (2.0 per cent), food retailing (0.4 per cent), department stores (1.3 per cent) and clothing, footwear and personal accessory retailing (0.4 per cent). This was partially offset by a fall in other retailing (-0.2 per cent).
Paul Colgan also contributed to this article.