Stagnant cash rate does little to stimulate business confidence

The Reserve Bank of Australia’s (RBA) decision to keep the cash rate on hold today at 2.25 percent will support the retail industry for the time being but additional cuts are likely to be necessary in the near future.

The Australian Retailers Association (ARA)  Executive Director Russell Zimmerman said there is a need to boost consumer confidence in light of low wages growth and a weak international environment which has left consumers and businesses feeling uneasy.

“At today’s meeting the RBA Board judged it appropriate to hold interest rates for now, however they did mention that further easing of policy may be needed over the period ahead.

“It is now up to both the RBA and the Federal Government to do all that they can to ensure that business is fully supported, especially as retailers are now starting to focus their attention on the upcoming Federal Budget and will be looking to ensure small business tax cuts are being delivered in order to boost their bottom lines.

“The ARA encourages the government to prioritise real productive reforms and for the RBA to consider further rate cuts next month to stimulate consumer confidence,” Mr Zimmerman said.



The rich tapestry of neurodiversity

There is a slow shift towards incorporating design aspects that create more inclusive shopping experiences for customers of all neurotypes. Retailers willing to explore this hidden customer segment can deliver a more easy, engaging and inclusive experience both in-store and online.

Retail Voice CEO Message: 15 March 2023

Retail crime continues to be a concern with many businesses recording an increase in shoplifting. 
In the latest Bureau of Crime Statistics and Research data coming out of New South Wales, retail theft increased 23.7% year-on-year.  

Retailers have an important role to play in closing the gap

Today is National Closing the Gap Day, a day of action to pledge support for achieving indigenous health equality by 2030. As part of the ARA’s reconciliation journey, we have made a commitment to use our reach to raise awareness with our members about days of significance for First Nations communities, like Closing the Gap Day.