7 Feb 2012

Retail weak in Australia

7:14 am on 7 February 2012

Retail sales in Australia posted their weakest annual growth in 27 years last year.

Annual retail sales grew 2.4% in 2011, the weakest since 1984 when the Australian Bureau of Statistics began the data series.

Analysts say a mix of consumer caution, the rise of online spending, worsening global economic conditions as well as bad weather led to the slump.

In the the crucial month of December, retail sales posted a surprise fall of 0.1%.