ABS updated that the retail turnover in Australia dropped 17.7% in April 2020, in seasonally adjusted terms.
The COVID-19 impact continued in April 2020 as many businesses closed their physical stores due to social distancing restrictions, said the Director of Quarterly Economy Wide Surveys.
Record drop was seen in cafes, restaurants, and takeaway food services by 35.4%, in clothing, footwear and personal accessory retailing by 53.6% and department stores by 14.9% whereas Food retailing plunged 17.4% after an unprecedented demand in March 2020.
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
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