RBA HOLDS CASH RATE

Written on the 2 August 2011

RBA HOLDS CASH RATE

THE RBA’s decision to keep the cash rate on hold after a ‘disastrous few months for the retail sector’ due to low consumer sentiment has been welcomed by retail industry body the Australian Retailers Association.

The Australian Retailers Association (ARA) executive director Russell Zimmerman says retailers will breathe a sigh of relief at the news.

He says it may mean the difference between keeping employees on the shop floor, instead of having to review rosters and staffing levels.

“Consumer confidence is at an all time low with consumers too spooked to spend – this has left the retail sector unable to post any healthy growth and looking seriously at their staffing levels,” says Zimmerman.

“Consumers are facing more pressure than ever on their household budgets and any more strain would have been detrimental as they struggle with the soaring cost of living and uncertainty around the flow on effects of the carbon tax.

“Retail trade figures due for release shortly are expected to show further signs of a struggling sector, which is dealing with consumers saving at unprecedented levels to make sure they can afford the necessities and deal with increased pressures as a result of yet another tax year.”


Latest News

BRISBANE VFX PRODUCTION COMPANY CLEANS UP AT MAJOR INTERNATIONAL ADVERTISING AWARDS

AUSTRALIAN production company Alt.vfx has broken records in global advertising, becoming the first business to win...

CYCLONE DEBBIE FORCES MINE, RAIL AND PORT CLOSURES AS IT WREAKS HAVOC IN QUEENSLAND

COAL and gold mines in north and central Queensland are being seriously impacted as Cyclone Debbie makes landfall ...

FLYING START TO 2017 PASSENGER NUMBERS FOR GOLD COAST AIRPORT

RECORD numbers of travellers used the Gold Coast Airport (GCA) in January this year, continuing a five-year trend ...

SUNCORP SAYS IT'S 'COVERED' AGAINST FINANCIAL COST OF CYCLONE DEBBIE

INSURER Suncorp (ASX: SUN) says it is "well protected" against the financial impact of Cyclone Debbie th...

Related News

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

CHINA CONTINUES TO COLLECT AUSSIE PROPERTY ASSETS

CHINESE coin continues to dominate Australia's offshore real estate investment market, accounting for almost h...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter