1. Nominal retail sales in Australia jumped +2.0% m/m in November as sales events (e.g. ‘Black Friday’) boosted sales. Excluding food & eating out, sales rose 4.1% m/m. Expect significant payback in the December print
2. Aussies spent up big on household goods (+7.5% m/m) in November as discounting encouraged a bring-forward of Christmas shopping
3. Sales at hardware and garden supplies stores didn’t get a ‘Black Friday’ boost
4. Aussie households reckon it’s a better time to buy major household goods (falling prices are doing their work)
5. While nominal spending in Australia on eating out & takeaway rose +0.4% m/m in November, it remained lower than a few months prior
6. The number of residential building approvals in Australia rose 1.6% m/m in November, building on prior gains. The recent increase in approvals foreshadows a modest near-term lift in housing starts
7. The volatile higher-density component (in Victoria) accounted for more than all of the increase in Aussie resi building approvals in November
8. The recent modest pick-up in detached house building approvals has occurred alongside stronger new house sales
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