Victoria’s retail economic horror story

Retail trade figures released today by the Australian Bureau of Statistics show the depths of the economic horror show happening in Victoria.

Since the start of the COVID-19 pandemic in March, Victoria’s retail trade has plummeted by 17.9 per cent. Victoria’s fall pulls the entire country into negative territory. By comparison, NSW is up 2.4 per cent and QLD up 1.2 per cent since March as these states have kept their shops opened even with ongoing daily COVID cases.

This dramatic fall in retail trade can be directly attributed to the heavy restrictions implemented in Victoria in response to the second wave caused by Labor’s botched hotel quarantine program and inadequate contact tracing.

Comments attributable to Shadow Treasurer, Louise Staley:

“These retail trade figures demonstrate the economic disaster Labor’s second wave of COVID-19 has caused in Victoria.

“Retail trade has shrunk by nearly 18 per cent in Victoria since March, which has thousands more Victorians out of work.

“Victorian retailers badly needs a plan to get back to work and back in business. Retail opening up is a good start, but many small retail businesses will need real support to get back on their feet.

“This month’s State Budget must include meaningful and significant measures to rebuild Victoria’s retail sector.”

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