Rates cut carries a clear warning for political leaders, retailers say
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Rates cut carries a clear warning for political leaders, retailers say

August 21, 2015

Date: February 3, 2015

The National Retail Association welcomes today’s cut to official interest rates, with the move likely to put additional money into the pockets of consumers in coming months.

However NRA Chief Executive Trevor Evans said the decision of the Reserve Bank Board also pointed to an underlying weakening of economic conditions that should be of concern to Australia’s political leaders.

“On the face of it, a rates cut is welcome news for retailers, with the expectation that it will flow through to consumer spending,” Mr Evans said.

“But considering rates were already at historically low levels, this decisions clearly shows the RBA is nervous about the strength of the economy and of consumer confidence.

“It sends a clear message to the Federal Government and the Opposition that we need to move quickly to strengthen the economy.

“In the NRA’s view, this means a ‘back to basics’ approach from the Government which promised no surprises when it was elected.  It is time for the Federal Government to focus on the essential policy settings that will allow businesses to get on with the job of creating employment and prosperity in the economy.

“This means getting last year’s budget through the Senate, making clear statements about its 1.5 per cent ‘baby levy’ on companies, and meaningful engagement on the issue of workplace relations reform.

“For the Opposition, it means that it’s time to end the Senate campaign of destabilisation, which has included blocking key budget reforms and election commitments from this Government.

“The RBA has recognised that businesses and consumers are crying out for more confidence in the economy.  It’s time for our politicians to recognise that fact as well, and focus on the national interest ahead of their own interests.”

The NRA is Australia’s largest and most diverse retail industry organisation, and has been representing the interests of the retail, fast food and broader service sector for almost 100 years.  

Media contact:  SAS Media and Communications – 07 3171 2960 or 0467 792 013

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