Positive signs as retail trade figures improve in August
The National Retail Association (NRA) has said that there are positive signs that the state of retail is improving following the August trade figures released today by the Australian Bureau of Statistics (ABS).
Following a poor showing in July, the ABS report for August reveals that retail turnover rose by 0.4 per cent nationwide.
NRA CEO Dominique Lamb said that the August results indicate that the personal income tax cuts and reductions in interest rates are starting to have an impact.
“The August results are a big improvement on July, with rises in turnover recorded across all industries bar one,” Ms Lamb said.
“Several economic levers have been pulled in recent months – such as cuts to income tax and interest rates – to lift retail out of its slumber and today’s results indicate that things may be starting to slowly turnaround.
“Retail is certainly not out of the woods and consumer confidence still needs to lift, but the August figures certainly represent a positive sign.”
Online retail accounted for 6.2 per cent of all turnover, an increase on the August 2018 figure of 5. 6 per cent. While every state and territory except the Northern Territory and Western Australia recorded rises in turnover.
“Earlier this week we saw the Reserve Bank again cut interest rates to just 0.75 per cent in a bid to further encourage household spending,” Ms Lamb said.
“As we head into the Christmas period, the NRA certainly urges Aussies to spend any extra money they’ve received via tax cuts or the drop in interest rates at their local retail outlet.”
The National Retail Association is the voice of modern Australian retail. It represents the interests of 28,000 retailers from every state and territory in Australia. It has been serving businesses in the retail and fast food sectors for close to 100 years.
Dominique Lamb is available for interviews.
Please contact the NRA’s media unit on 07 3221 9222.