A bit of a fizzer to see negative results for New South Wales and Victoria in June, especially given that the two most populous states have accounted for almost three quarters of growth over the financial year!
The resources states have been doing it toughest over the past year.
Not in the mood for food
Also unusually, for recent years at least, expenditure on cafes, restaurants, and takeaways also declined in June.
Perhaps the recent slide in the food retailing series is just a blip, and will right itself in time.
Or alternatively, perhaps more intense competition for Coles and Woolies in the form of discount retailers such as Aldi is driving down prices.
My guess is it's more likely to be the latter.
After all Australia didn't get to have one of the heaviest male populations in the whole wide world by going on crash diets (except Phil off Neighbours).
And it's more likely to be weaker prices rather than volume that are responsible for dud food retail turnover, since as a nation we generally aren't that prone to cutting back in order to live on lettuce and water (except Phil off Neighbours).
Of course, this dynamic could just as easily be a function of weak demand and downward pressure on supermarket prices globally, such as fruit and veg.
Consumers enjoying their low mortgage repayments seem to be treating themselves to some new threads and treads!
Looking good, Australia!
It looks like those cuts will be needed!
I wouldn't be too quick to write off consumption growth in the largest capital cities, though - preliminary auction clearance rates reported for Saturday were very high on the back of rate cuts.