The chief executive of Australia’s largest retailer, Woolworths Ltd, today (3 June) hit an optimistic note when he suggested that the Australian economy would likely “recover well” from the downturn.
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According to local reports, Michael Luscombe told an Australian National Retailers Association (ANRA) function in Sydney that Australia is “going to come out of this a little bit stronger than perhaps people are thinking at the moment”.
According to Luscombe’s assessment, a key – and “unknown” – factor is employment.
“If we can manage to keep as many Australians in jobs as possible then I think that, given China has sent a signal to the world that it is in business again, then there is no doubt we can actually come out, in my personal belief, a little bit quicker and a little bit stronger then perhaps we thought a week ago,” he reportedly told his audience.
According to the latest Australian economic growth figures, GDP rose by 0.4% in the March quarter, meaning Australia avoided technically going into recession.
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