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The Canberra Times
The Canberra Times
National
Katie Burgess

Panic buying boosts Australia's retail trade

Panic buying at supermarkets has offset "weakness" in other parts of the retail economy. Picture: Sitthixay Ditthavong

Supermarkets have recorded a boost in trade, as the coronavirus flattens other areas of retail trade.

Australian Bureau of Statistics data released on Wednesday showed retail trade rose an estimated 0.4 per cent in February, after falls in both December and January.

In seasonally adjusted terms, Australian turnover rose 1.7 per cent in February 2020 compared with February 2019.

The increase was driven by record demand in supermarkets, due to panic buying associated with the coronavirus outbreak.

It offset declines on the clothing, footwear and personal accessory sectors, which reported downturns stemming from the pandemic.

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Duty-free and luxury good stores have also been hit by the downturn in overseas visitors related to COVID-19.

Other than supermarkets, retailers with no specific links to tourism were largely unaffected in February 2020, the ABS said.

It comes as Prime Minister Scott Morrison on Wednesday urged Australians to stop bulk purchasing.

"Stop hoarding. I can't be more blunt about it. Stop it. It is not sensible, it is not helpful and it has been one of the most disappointing things I have seen in Australian behaviour in response to this crisis. That is not who we are as a people. It is not necessary. It is not something that people should be doing," Mr Morrison said

ACT Chief Minister Andrew Barr said supermarkets would be kept open at all costs.

Even in nations that went to a complete lockdown there were still supermarket and food delivery services available.

"The important point to make is 98 per cent of all the products that are on supermarket shelves in Australasia are made in Australia so our supply lines are good and they are ramping up production if a number of items that have become hot property in recent times."

He added: "Who would want to live on a diet of dried pasta. Seriously?"

The data is an estimate only, and is part of a new series of analysis being published by the ABS to measure the impact of coronavirus on Australia. The final monthly estimate for February will be published in April.

Retail turnover, current prices, seasonally adjusted, percentage change. Picture: Australian Bureau of Statistics

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