Retail fail
Terrible retail numbers for March, with turnover declining for the third time in four months, down by 0.1 per cent to $25,63 billion.
Annual retail retail turnover growth has slowed to 2.2 per cent, the weakest result in years.
Resources slowdown
Queenslanders seem to have gone on a spending strike of late, with turnover down 1.3 per cent in March (there was a Cyclone late in the month).
In fact, retail turnover was down in no fewer than four of the states and territories.
Disinflationary
With heightened competition from overseas, there are clear cut signs of disinflationary pressures in clothing, footwear, furniture, and household appliances.
I went for a walk through Fortitude Valley earlier today, and despite record levels of apartment construction the furnishings shops have 20 per cent of advertised price banners plastered everywhere.
And this is very much in evidence in the industry level figures, with pain being felt across many sectors.
In fact, only cafes, restaurants and takeaway food are thriving right now!
Overall, this was a rubbish result, with the price-adjusted quarterly retail volume figures also showing a reduction of 0.1 per cent, implying that consumption could be a drag on GDP in the first quarter.
Onward to the Budget!
