The Australian Bureau of Statistics released its retail sales data on Friday. Retail sales in Australia rose 0.3% in May, missing expectations for a 0.5% gain, after a 0.1% decline in April. April's figure was revised down from a flat reading.

Food retailing climbed 0.7% in May and household goods retailing rose 0.9%, while department stores sales dropped 1.4%, clothing, footwear and personal accessory retailing declined-0.8% and cafes, restaurants and takeaway food services sales fell 0.2%.

On a yearly basis, Australian retail sales increased to 4.7% in May from 4.1% in April.