The outlook for retail demand is mixed. As lockdowns ease, relaxed trading
restrictions will drive sales. However, this will also facilitate a substitution in
consumption from goods into services, providing a headwind to retail sales.
Retail sales have fallen sharply in locked down regions over the past three
months; turnover has declined steadily for three months in NSW, fallen
precipitously in the ACT in August, while worse is likely still to come in Victoria
What you will learn: