RR Phantom
Location : Wasted Space Job/hobbies : Cayman Islands Actuary
| Subject: OZschwitz highlight: Worst retail results for 50 years Thu Aug 04, 2011 6:25 am | |
| NSW has fallen victim to the two-speed economy, suffering a collapse in retail sales in a year in which the rest of Australia inched ahead.
Retail figures published yesterday show Australian sales rose a meagre 2.6 per cent during 2010-11 - the worst result for half a century, since the 1961-62 recession.
And a push by struggling retailers to have the GST applied to more foreign goods bought over the internet is not expected to be endorsed today when the Productivity Commission releases its draft report into the retail sector.
When adjusted for inflation, national sales barely grew, rising 0.6 per cent, much less than the rate of population growth.
http://www.smh.com.au/business/worst-retail-results-for-50-years-20110803-1ibvc.html |
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