Although some of Australia's numbers are down, such as its currency now trading at U.S. 90 cents, others are improving, particularly its trade data.

The Australian Bureau of Statistics reported on Wednesday that the country's balance of trade registered a surplus of $670 million in May, up from $171 million in April. The fourth straight monthly surplus was because exports went up 4 per cent while imports rose only by 2 per cent.

Tom Kennedy, economist of JP Morgan, said the continued increase in trade surplus is because of an increase in volume of exports in the mining sector, a result of the large amount of investments made over the past few years.

He added that in spite of China's slowing down, Australia is getting a bigger share of global trade in hard commodities, particularly iron ore and coal exports that had quite healthy pricing.

CommSec economist Savanth Sebastian added that the country's falling currency is working in the export sector's favour by extending the improving trade story.

However, retail sales figure, although it rose, increased by a measly 0.1 per cent only, lower than economists' forecast of 0.3 to 0.4 per cent growth.

Economists explained that although consumers are opening their wallets, they are selective when it comes to their purchases. The strong dollar the past few months also took its toll on the retail sector since Aussies prefer to spend a larger portion of their disposable income on holiday trips abroad rather than buy products at home.

If ever they did, shoppers preferred to purchase pharmaceutical, cosmetic and toiletry products which enjoyed a 0.3 per cent growth then food (0.2 per cent), department store goods (0.8 per cent) and clothing, footwear and personal accessory (0.4 per cent).

However, consumers shied away from dining establishments which suffered a 0.6 per cent contraction and household products which slipped 0.3 per cent.

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