The 2023-24 Federal Budget has been delivered, and today it was announced that consumer confidence has fallen 1.8 points, its lowest level since the COVID-19 pandemic.
New data from the National Retail Association reveals Australian households have drastically slashed their spending on luxury goods as they grapple with high inflation combined with spiralling interest rates. Discretionary spending is slowing right down, and it is essential we continue to monitor this spending to provide business and consumer insights and trends. The exclusive insights report for National Retail Association members can be found here.
While the 2023-24 Federal Budget has revealed the first surplus in fifteen years, forecasts demonstrate an expected slowing of Gross Domestic Product (GDP) and lower employment rates.
Last week, the National Retail Association Director of Policy, David Stout, and I met with Federal Government Ministers across a range of portfolios. We look forward to working with the government in critical policy areas including sustainability and the environment, cyber security and AI, taxation and pay reform, wage review feedback, retail crime, and the impact of COVID-19 and inflation on the business sector.
We will continue to advocate on behalf of retail and industry, and we want to hear your views directly. In the coming weeks, we will be surveying members to understand their needs and the challenges currently faced by the retail and industry sector.
This week, we will be hosting a range of meetings on critical issues including retail crime and on Wednesday, 31 May, National Retail Association Legal will host a 2-hour online workshop to identify and investigate workplace misconduct. Purchase a ticket here.
Last week, the National Retail Association hosted a HR Leaders Forum in Brisbane aimed at knowledge sharing and networking within the HR community. It is important for businesses to navigate advice on work health and safety improvement notices and their obligations. More information can be found here.
It is important for businesses to navigate advice on work health and safety improvement notices and their obligations. More information can be found here.
As always, please feel free to provide feedback and reach out to our team should you need any assistance. I look forward to receiving and reading your survey feedback in the coming weeks.
Have a great week.