Australian consumers plunge into recession

The recent flow of macroeconomic data supports the view that Australian households are in recession.

The September quarter retail sales figures from the Australian Bureau of Statistics (ABS) revealed that retail sales volumes declined for the first time since the early-1990s recession, falling by 0.2% year-on-year:

Yesterday’s new car sales for November, released by the Federal Chamber of Automotive Industries, also plummeted by 9.8% in the year to November, have fallen for 20 consecutive months (in rolling annual terms), and are down 11.3% since their March 2018 peak:

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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.