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Credit card spending stuck in reverse

Credit card spending stuck in reverse
macrobusiness.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from macrobusiness.com.au Daily Mail and Mail on Sunday newspapers.

Australian consumers have stopped spending

Australian consumers have stopped spending
macrobusiness.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from macrobusiness.com.au Daily Mail and Mail on Sunday newspapers.

Cliff Notes: Confidence Over Inflation Requires More Time

In Australia, partial updates on consumption came in on the softer side. Growth in nominal retail sales turned negative in March, down –0.4% (0.8%yr), the decline broad-based across sectors, with food retailing the only segment to record a gain. Downward revisions to prior months also weighed on Q1’s nominal result, leaving it materially below expectations at just 0.2%. Based on data from the Q1 CPI, prices look to be offering nominal growth less support, with outright price declines observed across clothing and several consumer durables in recent months.

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