The Australian National Retailers Association (ANRA) has advocated a plan to cut payroll tax, with the possibility of saving cash strapped employers upwards of 55,000 jobs.
The plan by the ANRA would see the burden of payroll tax on jobs cut by almost 25 percent, with the cost of this tax relief shared equally between the Commonwealth, States and Territories.
According to ANRA CEO Margy Osmond, the plan will help to stem the job cuts currently being experienced as a result of a slowing economy.
“There is a pressing need for a broader strategy which helps employers retain jobs now and a cut in payroll tax is the answer.”
The retail sector is Australia’s single largest employer, providing 1.5 million jobs, but experienced a dip last year, with NSW and Victoria retail shedding 47,000 and 16,500 full-time jobs respectively.
Osmond is confident the payroll tax cuts will benefit the economy and boost job security.
“Making businesses more confident about retaining staff will boost employees’ sense of job security and encourage Australians to stimulate the economy.”