Retailing News

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Interest rate Cuts give Consumers more spending money for Christmas.

On Tuesday the Reserve Bank of Australia has reduced interest rates by 25 basis points in a bid to boost consumer spending and improve the depressed property market.

The Commonwealth Bank immediately reduced its interest rate on standard variable home loan accounts by 25 basis points to 7.56 per cent effective from November 4.

The 0.25 basis pont reduction in Westpac’s standard variable home loan rate however will not become effective untill November 14.

Retailers can look forward to a better Christmas selling season after the November interest rate cut and the further outlook is more positive for retail sales with analysts projecting further rate cuts early next year.

The Australian Gifts & Homewares Association (AGHA) has vowed to take an active role in advocacy on issues that affect its members.

AGHA have announced a major campaign on the Carbon Tax issues as Chief Executive David Leek said “the Australian Government had not given adequate consideration to how the carbon tax would effect a retail and wholesale sector already struggling in tough conditions”

The AGHA has set up a Carbon Tax section on their advocacy website and invited members to register their concerns and to contact their local Federal MP to express their concern.

Leek suggests that the Carbon Reduction should be a matter of corporate and personal responsibility rather than a public tax and says that the government has taken the usual sledhammer approach with heavy taxation.

AGHA Chief Executive David Leek says that the carbon tax is yet another ALP Policy  that strikes at the heart of small to medium businesses and families in Australia.

The most recent Commonwealth Bank business sales indicators have shown their strongest growth in nearly two years. This indicates that consumers are finally starting to spend in a more relaxed way.

Shopping giant David Jones is planning to invest more money in their stores to attract customers before the Christmas period.

DJ’s has announced it would spend as much as $80 million to refurbish stores this year.