The two-speed economy in action as evidenced by this morning's retail trade figures.
Were it not for the mining state of WA, spending for January would have been negative once again.
WA up 0.5%, ACT 0.3% (public servants), VIC 0.1% QUEENSLAND 0.1%, the rest minus.
Seasonally adjusted, a very poor 0.3% up over December, when it was minus 0.1%.
People are not spending.
Clothing and personal effects up 1.3%, eating out 0.4%, department stores 0.1%. This is subsistence spending.
http://www.abs.gov.au/ausstats/[email protected]/mf/8501.0?OpenDocument
The two-speed economy in action as evidenced by this morning's...
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