Rising cost of living cuts retail sales

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The latest Roy Morgan business survey showed that confidence is lowest for the retail sector, which has halved over the past year:

Business confidence by industry

Retail sector confidence halves.

A new Roy Morgan survey gauging Father’s Day gift spending shows that Australians are preparing to send 7.7% less on gifts than they did last year amid rising concerns surrounding cost-of-living:

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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.