The measures handed down in the Federal Budget have largely been supported by the retail industry, because of the direct contribution they will make to help stimulate spending in the economy.
National Retail Association (NRA) executive director, Gary Black welcomed the tax cuts, pension increases and infrastructure spending, believing they will “enhance aggregate consumer spending and assist retailers in what…remains a difficult and deteriorating trading environment.”
Black believes the spending initiatives will enable retailers to remain viable and grow their business, whilst helping to boost jobs in the sector.
Australian National Retailers Association (ANRA) CEO Margy Osmond also welcomed the Government’s tax cuts and pension increases as very positive news, but was quick to point out the “belt tightening on family payments” measures and changes to the private health insurance rebate will be a “bitter pill for many families.”
Osmond said that in a climate of “confused and dramatically altered consumer confidence”, retailers needed to see initiatives to stimulate the flagging optimism of Australians.
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