Interest rate cuts driving jump in retail spending

RETAIL turnover jumped 1.2% in January, likely on the back of last year's rate cuts, and a 2% rise in turnover at the nation's cafes, restaurants and takeaway food outlets.

Figures from the Australian Bureau of Statistics released Thursday showed a 1.9% boost to "other retailing" and 1.5% growth in household goods retailing over the first month of 2014.

The most populous states led the retail turnover growth, with New South Wales recording a 2.1% jump, Queensland a 1.2% rise and Victoria a 1% rise in retail turnover.

Overall, NSW was the biggest contributor to the growth in dollar terms, up 1% on trend.

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