RETAIL TRADE DETERIORATES FURTHER

JIM CHALMERS MP.
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2 months ago
RETAIL TRADE DETERIORATES FURTHER
JIM CHALMERS MP
New data out today shows that retail trade did not grow at all in October.
 
Today’s figures from the ABS show that retail trade was flat in the month, well below expectations of a 0.3 per cent increase and a slowdown compared to recent months.  
 
Annual growth in retail trade values has slowed to 2.1 per cent – the weakest result in two years.
The Prime Minister and Treasurer are dithering while the economy deteriorates around them.
 
This result is more evidence that Australian families and workers are struggling under the burden of record household debt, stagnant wages and skyrocketing bills.
 
Today’s figures come just one day after the September quarter National Accounts which showed that economic growth is still too weak and too narrow, with too many indicators moving in the wrong direction. 
 
Weak growth like this is the inevitable consequence of a Government with a political strategy but not an economic plan.
 
The Morrison Government has ignored repeated calls for responsible, proportionate and measured stimulus to support the economy from the Reserve Bank, the business community, economists, experts and Labor.
 
It’s well past time for Josh Frydenberg and Scott Morrison to develop a comprehensive plan to support the floundering economy, boost wages and lift productivity.
 
Finance