This disastrous annual result is a blow to the retailers’ peak bodies, the mainstream media and the Turnbull government.
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 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.
The arrest of Meng Wanzhou may restart the US-China trade war, but it will just be a headwind of the looming global financial crash.
In an alternative universe, Turnbull could be poised for victory
With continuing jobs growth and a commodity price boom, a Turnbull government would have been well-placed to go to the polls and win an unlikely victory.
Tapering jobs growth kills wage growth hopes
The peak of the jobs boom is behind us. If wages haven't started growing strongly by now, they're hardly likely to do so in coming months.
Our two-speed economy delivers for business, but not for households
The economy grew strongly in the March quarter -- but it's business that's enjoying that growth, while households run out of savings to dip into.
Up Yours: arguing early and eating late with firebrand economist Steve Keen
Keen exhortations are loud, explosive and, most importantly, things we can, in many cases, all understand together.
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