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The September quarter national accounts revealed that real retail sales had recorded their first annual decline since the early-1990s recession:
Annual household consumption spending growth also slowed to only 1.2% – the lowest level since the Global Financial Crisis:
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Whereas the private sector officially entered recession, with the economy operating on public sector life support:
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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.