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Australian retailers hit by worst sales decline in 4 years

Debt-laden consumers across all states are pulling back on spending

Myer, the country's biggest department store operator, this month posted its lowest annual profit since listing; its sales are down 2.7 per cent for the year to July 29.


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...

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