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.

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.  

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.