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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.
Company profits in contrast have slumped, adding to concerns that the business community is suffering.
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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.
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