Australian retailers hit by worst sales decline in 4 years
Debt-laden consumers across all states are pulling back on spending
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Sydney
AUSTRALIAN retailers suffered their worst decline in sales since early 2013 in August, as debt-laden consumers tightened their purse strings, cutting back sharply on food, furniture and clothing, an outcome that bodes poorly for third-quarter economic growth.
Thursday's data from the Australian Bureau of Statistics (ABS) showed retail sales dropped 0.6 per cent in August, confounding expectations for a 0.3 per cent increase; July's figure was revised down to show a 0.2 per cent fall.
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