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A rise in retail spending in April suggests the government’s stimulus payments are working to rouse the economy but a dive in company profits could offset any of the economic benefit.
Retail turnover rose 0.3 per cent in April to $19.351 billion, the ABS said yesterday, with sales now up by just under 5 per cent since November when the stimulus program began.
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Company profits in contrast have slumped, adding to concerns that the business community is suffering.
Company profits fell by 7.2 per cent in the March quarter, according to ABS data, spurred by a 20 per cent decline in the manufacturing sector.
