According to Jinshi, Australia's retail sales in August far exceeded expectations, increasing by 0.7%, higher than the expected 0.4%. Retail sales increased by 0.1% in July and 0.5% in June.

The strong growth in retail sales in August was driven by income tax cuts and unusually warm weather, which boosted sales of clothing and cafes.

The increase would boost third-quarter growth and help lift Australia's economy out of a potential contraction, in line with the Reserve Bank of Australia's tough tightening stance that could delay any potential rate cut until next year.