Wesfarmers: tougher times ahead

Chief Investment Officer and founder of Aitken Investment Management
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The Australian Bank sector has lost $50b in value since the Federal Budget and I think that’s trying to tell you things get tougher from here in Australia.

As you know, I am concerned about the Australian economy in the second half of 2017 (and beyond) and particularly concerned about consumer spending as household cash flows are squeezed.

Australian retail sales have slumped and this is despite consumer confidence readings remaining upbeat. The fact the three of the last four months have recorded month-on-month retail sales falls is genuinely concerning.

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