Retail theft is again in the spotlight, with major Australian supermarkets among those impacted by the continuing prevalence of shoplifting.
As we know, this affects the entire industry – and is proving to be a significant challenge for retailers alongside the rising costs of doing business.
While some hold the view that shoplifting is a victimless crime, we know all too well that this isn’t the case with severe impacts on staff and customers as well as financial ramifications which ultimately are passed onto customers in price increases.
The ARA has been very busy advocating for members in media over the past week. As you may recall, the ARA has recently created a new position of Retail Crime Adviser and we are enthusiastic to hear your concerns and work with you as we ramp up our efforts to combat retail crime.
With increased pressure on businesses and consumers, next month’s decision by the Reserve Bank of Australia will be important.
Outgoing RBA Governor Philip Lowe last week said Australia has entered a “third phase” of its battle against high inflation, which he dubbed the “calibration phase”.
Many economists suggest the current cash rate of 4.1 per cent is driving inflation down at an acceptable speed, so we hope this may see another rate pause is around the corner.
Retailers are heading into the busiest trading season of the year – making the RBA’s monetary decisions over the next few months crucial.