AiG's Australian Industry Index points to a sharp contraction in activity ahead.
The ABS reported that retail turnover increased +0.4 per cent in March in nominal terms, but this came after the sharp -3.9 per cent drop drop in December.
Nominal turnover has barely increased since October, and was flat for the March quarter.
Excluding cafes and restaurants, where prices are up, retail sales were only +0.1 per cent higher in March.
In volume terms this points to a sharp contraction in Q1, and it's quite likely that Australia faces a 'pre capita recession' this year, after accounting for population growth.
