Australia’s “Grim” Retail Sector “Clearly In Recession”, Warns National Australia Bank

Posted on June 11, 2019 7:37 pm

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A leading Australian business survey has concluded that the continent’s retail sector is “clearly in recession”. 

New data from NAB shows Australia’s “Index of Business Conditions” falling by 2 points in May, putting it well below its long run average. The data comes a week after Australia’s Reserve Bank was forced to cut interest rates to its lowest level in history and additional data from the Australian Bureau of Statistics showed the economy had slowed to its weakest level since the 2009 financial crisis.