Australia is in the midst of a “retail recession” as inflation and higher interest rates erode the buying power of consumers, according to a report by Deloitte Access Economics.
Retail turnover, once inflation is stripped out, sank 0.6% in the March quarter, or twice the pace of the retreat in the final three months of 2022. The June quarter is also likely to post a drop in retail sales, making it three consecutive quarters of decline.
