Retail sales collapsed 18% in April

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The ABS has released its official retail sales data, which registered a record decline of 17.7%, which follows March’s record 8.5% rise on the back of grocery hoarding:

In annual terms, retail sales dived by 9.2%:

According to the ABS:

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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.