While the result was better than the ABS' preliminary figures of -1.5%, they represent a continual fall of 4% from August's figures in seasonally adjusted terms.

Openpay's head of retail Sonia Nixon said consumers will think of "smarter" ways to spend money in the lead up to Christmas.

"What we are likely to see between now and Christmas is consumers finding smarter ways to manage their finances around the holiday season, such as making the most of Black Friday sales or using flexible payment plans to spread the cost into 2021," she said.

"Between now and the end of the year we anticipate this upward trajectory translating into sales growth as the lifting of lockdowns in Victoria breathe fresh life into the state’s retail sector and we approach peak trade nationwide."

Need somewhere to store cash and earn interest? The table below features introductory and ongoing savings accounts with some of the highest interest rates on the market.

Update resultsUpdate
BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkCompare
4.75% p.a.
5.35% p.a.
Intro rate for 4 months
then 4.75% p.a.
$1,001
4 months
$0
$499,999
$0
$0
Featured
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure
4.35% p.a.
Bonus rate of 0.05%
Rate varies on savings amount.
5.75% p.a.
Intro rate for 4 months
then 4.40% p.a.
$980
4 months
$0
$249,999
$0
$1
Featured
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
Disclosure
Bonus rate of 5.50%
Rate varies on savings amount.
5.50% p.a.
$1,128
$0
$99,999
$0
$0
Featured
  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
  • Start tapping straightaway with Apple Pay, Google Pay™, Samsung Pay, and Garmin Pay.
  • No monthly or international fees on any of your transactions.
Disclosure
3.75% p.a.
4.45% p.a.
Intro rate for 4 months
then 3.75% p.a.
$804
4 months
$50,000
$249,999
$0
$0
0.10% p.a.
Bonus rate of 4.75%
Rate varies on savings amount.
4.85% p.a.
$992
$0
$99,999,999
$250
$1
0.55% p.a.
Bonus rate of 4.95%
Rate varies on savings amount.
5.50% p.a.
$1,128
$0
$99,999
$1,000
$0
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
Disclosure
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of . View disclaimer.

Important Information and Comparison Rate Warning

Retail trade throughout the pandemic has been extremely volatile, with figures surging to all-time highs in April off the back of grocery panic buying.

September's figures might point to a stabilisation of the industry, with quarterly retail figures up 6.5%.

ABS' director of quarterly economy-wide surveys Ben James said some retail areas are trading at elevated levels compared to September 2019.

"Falls in the September month were led by household goods retailing (-3.6%), and food retailing (-1.5%)," he said.

"The quarterly rise was driven by a recovery in industries that saw sharp falls in the June quarter 2020, as well as continued strength in industries such as food retailing, other retailing and household goods."

Other data also indicates spending is back to pre-COVID levels.

Ms Nixon pointed to now being an opportune time for retailers.

"Retailers that are responsive to this will make the most of these key retail events and drive strong brand loyalty in the long term," she said.





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