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Shopping centres: Here’s what the stock market isn’t telling you

On September 2, exactly nine weeks after the end of the second quarter, the Australian Bureau of Statistics trotted out second-quarter GDP data. Being unsurprisingly dismal, it provided fodder for a fresh outpouring of doomsday talk in the mainstream media, but by the time stockbrokers were scarfing down their lunches, the ASX-200 was already up by more than 150 basis points. Australia’s GDP numbers offer up little information for the retail industry and are so backward-looking that they are a