Australia's retail sector records five-year-high performance in 2013

The retail sector has recorded its best performance since 2008, with a jump in turnover of more than $8.1 billion in 2013.

According to the Australian National Retailers Association (ANRA), the country's largest retail industry organisation, this equates to an increase of 3.2 per cent.

A spokesperson for the ANRA said retail businesses in every state and territory would no doubt be encouraged by the result, adding that it has "put the sector in good stead to record a similar result (or better) in the year ahead".

In particular, retail businesses in the food and beverage sector had a bumper 2013.

The ANRA reveals food retailing was up 2.5 per cent in December - it's best result in five years - while cafes, restaurants and takeaway food services experienced a rise of 0.5 per cent over the same period.

This may seem insignificant, but this performance - combined with that of the previous 11 months - saw the cafes, restaurants and takeaway food services industry record a year-on-year growth of 10 per cent.

That's its best result in three years!

Tasmania's retail sector was home to the biggest sales increase of any state and territory in December - 1.8 per cent. This was largely driven by sales in footwear, accessories, newspapers and books, claims the ANRA.

New South Wales, Victoria, Queensland, the Australian Capital Territory and Western Australia also saw turnover climb by between 0.2 and 1.3 per cent, states the Australian Bureau of Statistics.

"Most states are now tracking at around six to seven per cent year-on-year growth in turnover, which is a positive sign for the sector's ongoing success in 2014," said the ANRA spokesperson.

If you're looking to start a new or expand your current retail business, make sure you organise business insurance with adequate cover.

One of the most important kinds of cover for retail businesses in the food and beverage sector is business liability insurance - so talk to your local Elders Insurance agent about getting some today!