Not even a blast of spending from Swifties in the nation’s two largest states was enough to shake off growing signs the economy is slowing.
Not even a blast of spending from Taylor Swift fans in the nation’s two largest states can shake off growing signs the economy is slowing and the jobs market deteriorating as interest rates, inflation and tax hit Australians’ bottom line.
“Fashion and accessory retailers told us offerings of Taylor Swift-inspired outfits and related do-it-yourself accessories added to turnover in February,” said the bureau’s head of retail statistics, Ben Dorber.But spending fell for household goods , other retailing and food . Retail sales in Victoria climbed by 0.7 per cent while they were up by 0.6 per cent in NSW. But they dropped by 0.5 per cent in Swift-less Queensland.
Since then, the workforce has grown by 830,000 to almost 14.9 million while the number of vacancies has fallen by 23 per cent to 363,800. Through the first 7 months of the 2023-24 financial year external administrators were appointed to 6610 businesses – up 36.1 per cent for the same period of last financial year.
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