Retail sales tanked in August

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Just in from the ABS:

Key statistics

  • The seasonally adjusted estimate fell 4.2% (-$1,276.3m) from July 2020 to August 2020.
  • In seasonally adjusted terms, Australian turnover rose 6.9% in August 2020 compared with August 2019. This compares to an annual movement of 12.0% in July 2020.

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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.