Original article by Matthew Cranston, Simon Evans
The Australian Financial Review – Page: 7 : 23-Apr-20
Data from the Australian Bureau of Statistics shows that retail turnover increased by 8.2 per cent in March, driven by panic buying in response to the coronavirus. Sales of canned food, medicinal products and cleaning goods were particularly strong in March, with turnover rising by 50 per cent month-on-month. Josh Williamson of Citigroup warns that retail turnover is likely to fall sharply in April, due to the impact of lockdowns and social distancing rules. David Plank of the ANZ Bank says the sales boost in March could potentially result positive GDP growth for the first quarter of 2020.
AUSTRALIAN BUREAU OF AGRICULTURAL AND RESOURCE ECONOMICS AND SCIENCES, CITIGROUP PTY LTD, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ