Retail softening
Very soft retail figures today in a broader context.
Retail turnover increased +0.2 per cent to a seasonally adjusted $35.1 billion in February, despite rampant population growth.
Turnover is actually still lower now than it was in October and November last year.
After factoring in price inflation, retail volumes are clearly falling, and the March indicators are for another softer result, especially for household goods.
Overall, domestic demand is softening, and in per capita terms is dropping away.
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I've read a few hot takes about retail turnover still being above pre-COVID levels.
Well, yes, that's generally how a spike in inflation and population growth would work.
In terms of retail volumes, though, we'll be back on trend by March 2023, and then falling...
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James Foster did more of a deep-dive review of the numbers here.
