National Australia Bank has forecast economic growth of just 0.2 percentage points, bringing the annual pace of growth to 1.2 per cent — the slowest pace in almost two decades.
The latest check of retail sales shows that the recent tax offsets and interest rate cuts are not yet finding their way into the tills of the nation’s retailers.
There were falls in clothing, footwear and personal accessory retailing (-1.0 per cent), other retailing (-0.4 per cent), and department stores (-0.2 per cent). This unveiled that Australian retailer turnover fell 0.1 per cent in July 2019, seasonally adjusted according to the Bureau of Statistics. (Nov 2019).