Data released by the Australian Bureau of Statistics (ABS) today revealed headline inflation rose 1.2% in the September quarter, up from 0.8% in the June quarter, fuelling concerns of another increase in interest rates.
However, today’s inflation numbers were predominantly driven by fuel prices, and so we are hopeful that the Reserve Bank of Australia (RBA) will take this into consideration when they next meet.
There are some promising results, with annual food inflation now lower than headline inflation for the first time in 12 months.
Food inflation also continues to moderate from the 2022 peak of 9.2%, with fruit and vegetable prices falling 6.4% compared to 12 months ago.
RBA Governor Michele Bullock has flagged the potential for a cash rate increase, so it will be a nervous wait for retailers.
This week, we’re also preparing for Halloween – the final pit-stop on the path to holiday trading.
More than 5.3 million Australians will celebrate Halloween this year, with spending forecast to reach $490 million – up 14% or $60 million on 2022.
It’s a fantastic opportunity for retailers to buck the trend of softer consumer spending and get involved, with many coming to the party with themed windows and store displays as part of big promotional push in the lead up to 31 October.
Earlier this week, we welcomed the launch of the Women’s Economic Equality Taskforce’s ten-year plan to remove barriers for women in areas such as leadership, workforce participation and pay equality.
This follows changes to Paid Parental Leave and inclusion of gender pay gap in the Modern Awards Review announced a few weeks ago.
As one of Australia’s largest private sector employers of women, these announcements are all great news for retail and have the potential to start making a positive difference for women working in retail as soon as next year.
Next year also promises to be extremely dynamic with innovation trends such as AI creating many challenges and opportunities.
We will be tackling these and other important issues on the agenda for retailers at the ARA’s 2024 Leaders Forum. You can check out our full program, which we released in the recent days, here.
Don’t miss out. Our early bird and discount group ticketing options are available for a limited time only.
