The pandemic halted Australia’s services consumption in its tracks. Instead, we’ve just been buying lots of stuff.
A weird thing is suddenly happening in the Australian economy. We are going back in time, reversing a major trend of the last century.
One way to see it is to look at the results of a company called National Storage.
National Storage owns cabinets which it leases to people who have more stuff than places to put it. It’s a listed company and it posted its results to the ASX on Tuesday. They were good. No JobKeeper was sought and none given, as profits soared and storage boxes filled up.
Read more about Australia’s newfound obsession with stuff.
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