In seeking re-election, the Queensland Government was disadvantaged by the lacklustre economy, which was evident in many sectors, including retail. Estimates of retail turnover published yesterday by the ABS confirm that, while there was a December boost to sales (see chart above), it wasn’t enough to massively improve the annual result. The ABS figures confirmed the relatively weak conditions that existed over 2014 in the retail sector, which experienced very low growth of turnover (0.5% in Qld compared with 3.3% nationally, in trend terms). As Queensland Treasury reports in its latest retail trade briefing note:
Queensland recorded the lowest annual growth in retail turnover of all states and territories (0.5%). New South Wales recorded the highest increase (6.1%).
Also see Pete Faulkner’s commentary on yesterday’s retail turnover figures: