Retail spending slides 17.9% in April

Retail spending fell a record 17.9 per cent in April, far worse than market expectations.

Seasonally adjusted retail spending fell to $24.73 billion for the month, according to preliminary data released by the Australian Bureau of Statistics on Wednesday.

This follows a jump of 8.5 per cent in March.

The result was far worse than analysts’ consensus of a 5.0 per cent decline.

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