Business
An economy like 2016 as sales and wages collapse – Sydney Morning Herald
Data from the Australian Bureau of Statistics points to the depth of Australia’s first recession in almost three decades.
Inventories fell by a record 3 per cent in the quarter, stripping at least half a percentage point out of the national accounts on Wednesday.
Despite the huge drops in sales, company operating profits soared by a record 15 per cent with the bureau reporting this was due to subsidies such as JobKeeper and the government’s cashflow for employers program.
The sales fall, however, has been reflected in wages and salaries which suffered a record 3.3 per cent drop in the quarter.
The worst hit stat…
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