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Canberra Today 11°/15° | Friday, March 29, 2024 | Digital Edition | Crossword & Sudoku

Retail sales drop to lowest in two years

AUSTRALIA’S retail trade has suffered its biggest drop in two years, according to retail figures released by the Australian Bureau of Statistics today. 

The figures showed a 0.8% drop in retail trade in July, with Department Stores taking the biggest hit with a 10.2% drop – the largest fall since March 2009.

Every state and territory went backwards this month – including the first falls for Western Australia and Queensland this year.

Australian National Retailers Association CEO Margy Osmond says shoppers were out in force when the winter sales were on, but once they came to an end so did spending.

“Retailers will now look to tomorrow’s RBA Board meeting to again drop the cash rate and bring the  spenders back to the shops,” she said.

But food, cafes, restaurants and takeaways continued to post positive numbers. These categories have rarely fallen in the past 12-18 months and have supported much of the limited growth in the sector.

“Unless you sell homewares and food, July was a pretty miserable month all around. We hope the Reserve Bank Board recognise the need to act so we don’t have another fizzer of a Christmas on our hands,” Osmond said.

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