Last night’s Federal Budget, as expected, has taken some pressure off household budgets which will have a positive flow-on effect for retail.
This includes energy bill relief of $300, the extension of superannuation on Government-funded Parental Leave, and boosting support for Australians facing acute and urgent cost-of-living pressures through crisis support and emergency relief.
Whilst the cost-of-living measures, as well as the Stage Three Tax Cuts, will provide some relief, we recognise little will shift for Australian households until interest rates ease.
We also saw modest support for small business, which is detailed in the ARA’s response to the Budget here.
A lot more needs to be done to support our business community and this week, I am on the ground in Canberra, meeting with a range of leaders to ensure retail interests are front and centre of the political agenda as we draw closer to the next Federal Election.
An important part of my conversations involve continuing to highlight the escalating costs for retailers across supply chains, leasing, banking and labour which force overheads to trickle down to customer.
Other missed opportunities in the Budget, include the need to co-invest in large scale recycling infrastructure to meet Australia’s circular economy targets within areas such as textile, food and plastics waste. We will continue our advocacy for these measures as Australia builds towards the next Federal Election.
Tomorrow we celebrate First Responders Day.
More than 60 Australian retailers, representing thousands of stores nationwide, will participate in First Responders Day tomorrow, Thursday 16 May, offering special deals as a thank you to our frontline heroes.
If your business has submitted an offer, we thank you. If not, we encourage you to consider participating next year.
