With spending expected to dip again in the June quarter, Deloitte forecasts a broader ‘consumer recesssion’ later this year
Get our morning and afternoon news emails, free app or daily news podcast
Australia is the midst of a “retail recession” as inflation and higher interest rates erode the buying power of consumers, according to a report by Deloitte Access Economics.
Retail turnover once inflation is stripped out sank 0.6% in the March quarter, or twice the pace of the retreat in the final three months of 2022. The June quarter is also likely to post a drop in retail sales, making it three consecutive quarters of decline.
About Author
More Stories
Gaza doctor who lost nine children in Israeli airstrike dies from wounds in same attack
Brazil: outcry after funk singer arrested for allegedly inciting crime in lyrics
More than 20 Palestinians killed as they went to food distribution site in Gaza Strip, says hospital – Middle East crisis live