New data out today shows retail volumes are actually going backwards, recording their worst annual result since the 1990s recession.
Today’s retail trade figures from the ABS show that retail volumes declined by 0.1 per cent in the September quarter and are down 0.2 per cent over the year – the slowest annual growth in nearly 30 years.
Retail values in September halved against the August result and grew well below expectations at just 0.2 per cent.
This is further proof that Scott Morrison and Josh Frydenberg’s approach of blame-shifting and finger-pointing is damaging an economy that desperately needs a plan to get it moving again.
Weak outcomes like this are the inevitable consequence of a Government with a political strategy but not an economic plan.
Australians are struggling, weak consumption is being driven by stagnant wages, household debt is at record highs, almost two million Australians are looking for work or for more work, and living standards and productivity are going backwards.
It is time Josh Frydenberg and Scott Morrison brought forward a budget update to fix their forecasts and properly outline an economic plan that supports the floundering economy and better safeguards it from global risks.