Australians look to have taken a more cautious approach to their spending over the Christmas period, with retail turnover down by 4.2% according to preliminary retail figures released today by the Australian Bureau of Statistics (ABS).

It comes off the back of strong retail sales in November: Turnover spiked by 7.1%, led by a spending surge over the Black Friday and Cyber Monday weekend. 

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

Rates
Features
Conditions
Other
Provider
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
More details
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • 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

Savings Account (Amounts < $250k)

  • 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
More details
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.

Savings Accelerator (Amounts < $50000)

  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.
More details
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
*Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
*Rate varies on savings amount

Save Account (<$100,000)

  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
More details
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
More details
  • 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

More details
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 August 21, 2024. View disclaimer.

Important Information and Comparison Rate Warning

Ben James, Director of Quarterly Economy Wide Surveys at the ABS, said falls in retail turnover were recorded in five of the six retail industries, led by household goods retailing which plunged by 9% over the month.

"Household goods retailing, other retailing, department stores, and clothing, footwear and personal accessory retailing, fell after large rises in November," Mr James said.

"November sales were underpinned by an easing of restrictions in Victoria, new product releases and Black Friday sales." 

Food retailing also suffered in December, falling by 2% across the month as COVID restrictions limited household gatherings in some states and territories.

By state, Victoria led the falls with retail turnover plunging 7% after a 22% rise in November.

Retail turnover in New South Wales also dropped by 5% as localised COVID restrictions in Sydney impacted retail trade.

'Wholesome' gift spike at Christmas

December was the month of 'wholesome' gift giving, according to data from eStore Logistics, Australia’s largest ecommerce-focused fulfillment provider.

The data shows huge year-on-year growth for online orders of health and beauty products (30%), books, CD's and DVDs (33%), and home renovation items (96%). 

There was also a 67% spike in online orders for Christmas food and beverages.

Managing Director of eStore Logistics Leigh Williams said Australians are treating themselves after an unprecedented year.

 “After a really challenging year, it's no wonder that Aussie Christmas shoppers opted to give wholesome gifts to friends and family at Christmas," Ms Williams said.

"In fact, the growth in online orders in 2020 for these products shows that we responded to 2020s challenges by making wellbeing our top priority.

“In December, no Australian state was in lock down and all physical stores were operating as normal, however shoppers still opted to buy online.

"For online orders to still be growing at 27% compared to December 2019 shows us that the habit of online shopping is being cemented in our lives for the long term.”

Photo by Ben Garratt on Unsplash