BUDGET CONCERNS FOR RETAIL INDUSTRY

Written on the 14 May 2014

BUDGET CONCERNS FOR RETAIL INDUSTRY TAX increases in the Federal Budget could adversely impact consumer spending in the retail industry, according to the Australian Retailers Association (ARA).

Executive director Russell Zimmerman (pictured) says the ARA supports the government’s plan to control expenditure, but is concerned some aspects may impair consumer confidence – which has slowly been on the rise.

“We are only just beginning to see retail and the services sector regain momentum after many years in the doldrums.

“It would be a travesty if these tax increases impacted on that recovery to the sector and the services economy,” he says.

It follows the government’s announcement overnight about an incoming debt levy for high-income earners.

Zimmerman says it’s not all bad news for retailers, lauding the abolition of the carbon tax.

“The ARA has long campaigned for the removal of this unnecessary cost burden to retailers and consumers and we are confident the decision to finally remove the carbon tax will be music to the ears of business owners.”

He says the decision to remove $1 billion in red tape each year is another positive note, allowing businesses to “get on with the job”.

“What we need to see now is every effort made not to harm consumer confidence further with a clear long-term plan from government to support consumers through future tax cuts and short-term support from agencies such as the RBA.”

Latest News

FORMER MFS EXECUTIVES HIT WITH DISQUALIFICATIONS AND MASSIVE FINES FOR MISAPPROPRIATING FUNDS

FIVE key players involved in an investment company that collapsed in 2008 owing $2.5 billion have been ordered to ...

SURFSTITCH BATTLING FOR SURVIVAL

QUEENSLAND based online retailer SurfStitch Group has gone into a voluntary trading halt for three months after it wa...

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

THE AMBITIOUS PLAN TO TURN A COLLAPSED FRANCHISE INTO AN EXPANDING BUSINESS

AUSTRALIA'S newest master franchise is set to launch in October as a commercial cleaning operation, resurrecte...

Related News

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

SLATER AND GORDON TAKES SPOTLESS TO COURT

SPOTLESS Group (ASX: SPO) has been hit by a class action launched by Slater and Gordon (ASX: SGH) in the Federal C...

TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP has become the latest in a string of retailers blasted by the volatile retail market, as the iconic fashio...

SIGMA'S SHARE PRICE TAKES A BATTERING AS IT LAUNCHES LEGAL ACTION OVER SUPPLY DEAL

SIGMA Healthcare (ASX: SIG) has taken the MyChemist and Chemist Warehouse chains to court to demand they continue to ...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter