Peak retail industry body the
ARA Executive Director
"Lowering interest rates today would have been a supportive step in the right direction for the retail sector but unfortunately this wasn't the reality.
"Given the government still needs to pull money out of the economy to balance the budget, retailers believe the RBA will need to continue to support the economy via low interest rates for some time.
"We're also aware that Australians are struggling to save at present. According to the latest Banking Day Report, only 46 percent of households said they were able to save each month - down from 49 percent in December and the lowest level since
"Although the retail sector finished the 2013-14 financial year on a relatively strong note, (recovering somewhat in June from the post-Federal Budget downturn), the reality is that this activity will be short lived.
"Consumer confidence often shows a dip in sales between August and October and it is now imperative that the Federal Government do all that it can to ensure that retail trade does not suffer as we gear up toward the spring/summer racing season and also the Christmas trading period.
"The ARA urges the RBA to lower interest rates at their next meeting in September in order to aid retail growth, especially for the SME sector,"
Since 1903, the
Most Popular Stories
- More Hispanic Voters May Not Mean More Clout
- Government: 500 Million Records Stolen in 12 Months
- Mom Makes Toys R Us Pull 'Breaking Bad' Dolls
- Apple Pay Debuts With Few Issues
- Pistorius Gets 5-year Sentence in Shooting Death
- 2016 Camaro Shrinks, Moves to Caddy Platform
- Cuba Deploys More Medicos in Ebola Fight
- Volatility No Reason to Bail on Stock Market
- Samsung Phones Cleared For U.S. Government Use
- Disney's Animated Feature 'Moana' Slated for 2016 Release