Despite a 0.5 percent increase in retail sales in January, retail sales fell more than expected in February, as consumer confidence dropped.
Retail sales fell by 2 percent in February, showing that as the economic slowdown takes hold, consumers are preferring to save their money. The drop signals the largest monthly decline since July 2000.
Australian National Retailers Association CEO, Margy Osmond, believes that the retail industry is fairing quite well in the current climate, with February seeing a growth in retail jobs.
The Federal Government’s second round of $900 cash payments to be handed out this month to low-to-middle income earners are expected to boost the retail industry, with the Government urging consumers to inject the money back into the economy.