• Retail spending slumped by 1.1 per cent in October, below forecasts centred on a rise of 0.4 per cent. Nonfood retailing fell by a much larger 2.2 per cent – the biggest slide in 20 months. Over the first ten months of 2010 overall retail spending has risen by just 1.5 per cent.
• Sales by chain stores and other large retailers fell by 0.2 per cent in seasonally terms in October while sales by smaller retailers fell by 2.6 per cent – the biggest fall in ten years.
• Spending was down across over half the retail categories, with footwear and clothing retailers the worst affected, along with cafes and restaturants.
• Australia’s trade surplus widened from $1,814 million to $2,625 million in October. Economists had tipped a surplus near $2 billion. Exports rose by 1.1 per with imports falling by 2.5 per cent. Australia has chalked up trade surpluses of $15.1 billion over just the past seven months.
• Australia is becoming more and more reliant on China, creating risks for the economy. Just under a quarter of all exports are now destined for China. If China sneezes, Australia will certainly catch cold.

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