The retail industry has felt the pain after a tough Federal Budget hit consumers’ hip pockets, latest figures show.
Sales across the retail sector slumped 5.1 per cent in the week after the Abbott Government’s first Budget, according to the new Australian Retail Index.
The index data, compiled by advisory firm BDO and software provider Retail Express, show a sharp reaction from consumers after a Budget that included higher taxes and welfare cuts.
The slide was driven by a dramatic plunge of more than 20 per cent in the fashion and accessories category, as shoppers cut back on discretionary spending.
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Date of Post: 2014-05-27