Institutions: Australia's retail industry is still in the worst downturn in history

On July 3, Jinshi data reported that although data showed a rebound in retail sales in Australia in May, the industry is still in the most severe recession in recorded history in terms of duration and scale. Retail sales continue to decline every year. Weak consumption is a key reason for the stagnant GDP growth this year. Retail sales in May increased by 0.6%, twice the expected increase by economists. This is because families took advantage of year-end discounts (for consumption).