Profit growth drops amid household spending crunch
Michael ReadEconomics correspondent
Profit growth fell sharply at the start of the year as a spending slowdown caused conditions in consumer-exposed sectors like retail, hospitality and wholesale trade to deteriorate.
Earnings outside the resource sector increased by just 1.6 per cent over the past 12 months, the Australian Bureau of Statistics said on Tuesday. The figure was the lowest rate of profit growth since the COVID-19 lockdowns in 2021 when earnings went backwards.
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