Electricity prices jumped in July. Now, retail sales are falling as wallets run out of money. When Greens, Labor, Conservatives said we need insurance, only skeptics pointed out the price.
Commonwealth Bank economist, Gareth Aird, calls the fall a “shocker”.
Shoppers stay away as power costs bite
–Adam Creighton, The Australian
In a sign sluggish wages and higher power prices are starting to bite, the new financial year has seen the biggest fall in retail sales since 2009…
The Australian dollar fell back towards US78c yesterday after the Australian Bureau of Statistics revealed retail sales had fallen 0.6 per cent between July and August, defying economists’ expectations they would rise modestly.
“Households are facing several headwinds, including record low wage growth, record levels of debt, slowing house price growth, and, importantly, sharply higher energy bills,” said ANZ economist Jo Masters. The drop in retail sales by a cumulative 0.8 percentage points over the two months to August, the biggest two-month decline since 2009, comes as consumers receive their first round of power bills after prices went up more than 20 per cent since July.”
Who would have thought? The country is forced […]
via JoNova
October 5, 2017 at 11:05PM
Iowa Climate Science Education 