Fed: Retal trade set to slow after unsustainable run
A leading economic forecaster says the retail sector, one of the strongest performingareas of the economy, is heading for a protracted slowdown.
Canberra-based consultancy Access Economics says retail spending has been gallopingalong unsustainably, fuelled by the housing boom, low interest rates and strong job growth.
Access says as the housing boom fades, stores are expected to sell fewer durable householdgoods like washers, fridges and furniture.
Discounting for inflation, retail trade will grow by 4.8 per cent in 2002/03, but slowto 1.7 per cent the following year.
Retail sales have surged by 5.5 per cent in the 12 months to September, well abovethe 3.4 per cent growth recorded over the past decade.
AAP RTV jph/ds/psm/
KEYWORD: ECONOMY (CANBERRA)
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