Retail Sales in a Rut? Not for Aussie Homeware Retailers

        0345 GMT [Dow Jones] Australian March retail sales (up 0.1% on-month) may have been weaker-than-expected, but not everyone missed out with furniture, floor covering, homeware and textile retailers recording gains. The boost is a testament to Australia's red-hot real estate market, buoyed by record-low interest rates. Home improvement retail activity rose 12% in March, the strongest growth in seven years, according to CommSec Economist Savanth Sebastian. "Low and stable interest rates and the lift in wealth levels are supporting consumer spending," he says. Still, the big risk to retail activity is next week's federal budget, where mooted budget cuts may dent sentiment and spending. (rachel.pannett@wsj.com)
        (END) Dow Jones Newswires

        May 06, 2014 23:46 ET (03:46 GMT)