Yesterday, the Reserve Bank of Australia (RBA) increased the cash rate 25 basis points to 4.35%, in a significant blow for the retail industry heading into the all-important Christmas and holiday trading period.
Retailers and Australians are already under enormous pressure, with some in our sector struggling to remain sustainable due to the rising cost of doing business.
As we know, Christmas and the holiday season are when discretionary retailers make up to two-thirds of their profits to sustain them during the winter months and hence, they will be devastated by the decision.
We will be keeping government abreast of the impacts and urging the RBA to hold interest rates in the months ahead.
In industrial relations news, Senators David Pocock and Jacqui Lambie have introduced Private Members Bills bringing forward sensible and broadly supported components of the Closing the Loopholes Bill, allowing time for much-needed scrutiny on other more controversial elements in the government’s legislation.
We have been advocating strongly for this measure in Canberra. In early October, the ARA urged the Senate Inquiry into the Closing Loopholes Bill to split the omnibus legislation into multiple bills to ensure the swift passage of non-contested elements.
It’s a win for common sense and we’re urging the government, Opposition and broader Crossbench to offer their support.