Q2 retail volumes fell a record 3.4% q/q (-2.4% y/y); as retail prices lifted 1.2%
Meanwhile, Q2 retail volumes fell a record 3.4% q/q (UBS & mkt: -3.0%, pre: +0.7%), and -2.4% y/y (after +1.1%). In contrast to a record 1.9% q/q collapse of CPI, retail prices (1.2%, 4.2% y/y) rose the most since the GST, especially food (1.7%, 6.8%). June trade surplus lifts to $8.2bn; Q2 real GDP tracking ~-5% q/q (vs mkt ~-7%)
The full text of this article is available to MacroBusiness subscribers
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
