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February’s retail sales data from the ABS registered a solid lift in sales on the back of food retailing, as Australians stock piled groceries.
Now that the hoarding period is over, retail sales are collapsing, according to new analysis from ANZ:
…according to new analysis from ANZ bank, unprecedented levels of supermarket spending have covered up catastrophic falls in non-essential areas like fashion and food retail.
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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.
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