The “Dad & Dave” Rudd government’s propaganda about the economic outlook, both during and after the recent federal election, has caused the impressionable Reserve Bank to overkill on interest rate hikes and place the economic outlook into actual risk. This of course has most hurt the very sheep that voted the final level of union controlled government into the charge of the main till, when they were already badly failing to manage the states.
Now, at a time when retailers are concerned most about sales trends and forward estimates, we learn that the dynamic duo are cutting down the level of the monthly retail statistics reporting produced by the ABS, with the sample size reduced by two thirds. This is also a much higher cutback than other areas affected by their so called razor gang cutbacks to the ABS budget.
Until this change, our best economic indicator data came from the ABS retail sales numbers which were reported monthly with a lag of around 30 days. Retailing in Australia employs around 1.2 million people. This is almost 15 per cent of the workforce, making it the largest private sector employer.
The health of the Australian retail trade is the core of our economies health. Do Dad and Dave know this? Its hard to believe they do, whilst they are still unable to decide what to do with the huge projected economic surplus they have inherited. They are still focused on changing the structure that gave the country full employment and on propaganda to justify their false election claims to be able to put downward pressure on things they can have no control over, like petrol prices.