Retailers have welcomed the Reserve Bank of Australia’s (RBA) decision to lower the cash rate today by 25 basis points to 2.25 percent.
Australian Retailers Association (ARA) Executive Director Russell Zimmerman said retailers have been waiting for this outcome for some time and are hopeful the timely rate cut will assist in boosting consumer confidence.
“This decision comes after a drop in fuel costs and the Government’s recently-announced small business tax cuts, which we hope will also help to overcome mixed international and Australian economic news.
“The ARA also asks banks to pass on this rate cut in full to consumers and businesses.
“We’re optimistic that the RBA’s decision will provide retailers with some much needed relief and allow them to start the new year with confidence,” Mr Zimmerman said.
Since 1903, the Australian Retailers Association (ARA) has been the peak industry body representing Australia’s $265 billion retail sector, which employs over 1.2 million people. The ARA ensures retail success by informing, protecting, advocating, educating and saving money for its 5,000 independent and national retail members throughout Australia. Visit www.retail.org.au or call 1300 368 041.
-ends- For interview opportunities with ARA Executive Director Russell Zimmerman call: The ARA Media Line T: 0439 612 556 Emedia@retail.org.au