The unthinkable has happened to Australia’s shopkeepers: growth in retail sales over the last financial year has been the lowest since records began. And this during the most sustained global upswing in trade, corporate profits, jobs and executive salaries in decades.
The dismal data
The latest numbers from the Australian Bureau of Statistics (ABS) show total retail sales for 2017-18 at $315.8 billion. This is an increase of $7.8 billion – or just 2.55% – over the previous financial year.
Join the conversation
The Crikey comment section is members-only content. Please login or sign up for a FREE trial to engage in the commentary.