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Retail spending growth slows

AAP logoAAP 4/08/2016

Retail spending growth is at its slowest annual pace in three years.

Spending rose by just 0.1 per cent in June, figures from the Australian Bureau of Statistics show, below market expectations of growth of 0.3 per cent.

That took retail trade growth in the year to June to 2.8 per cent, the slowest annual pace of growth since since mid-2013, and barely half the 4.9 per cent rise recorded over the year to June 2015.

The strongest spending growth in June came in the clothing, department stores and electronics sectors, while the largest falls were felt in hardware and pharmaceuticals and cosmetics.

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