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The Australian Bureau of Statistics (ABS) has released retail sales figures for the month of June, which recorded a 0.4% rise in retail sales over the month in seasonally-adjusted terms, with annual sales growth rising to 2.5%:
However, in trend terms, annual retail sales growth fell to 2.7%.
In real chain volumes terms, annual retail sales plunged to 0.2% – the lowest recorded level since the early-1990s recession:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.