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AUSTRALIAN RETAIL SPENDING SLIPS AS STIMULUS PAYMENTS FADE.
CANBERRA, April 1 Asia Pulse - Retail spending slumped 2.0 per cent in February compared to a month earlier as support from last year's Australian government cash handouts diminished.
Retail spending totalled a seasonally adjusted A$18.87 billion (US$13.050 billion) in February compared to a record A$19.26 billion in January when low-income families and pensioners were still enjoying the benefit of over A$8 billion of cash handouts made last December.
Economists had forecast a seasonally adjusted fall of 0.5 per cent in retail spending for the month of February.
The fall in spending came despite a further 100 basis points reduction in the official cash rate by the Reserve Bank of Australia.
Spending fell in all categories, led by a 9.8 per cent drop in department stores and a 3.8 per cent decline in ...
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Source: HighBeam Research, AUSTRALIAN RETAIL SPENDING SLIPS AS STIMULUS PAYMENTS FADE.