Retailers welcome long-awaited interest rate cut

THE The Australian Retailers Association (ARA) has welcomed The Reserve Bank of Australia’s (RBA) decision to cut interest rates by 25 basis points to an historic low of 2.0 percent today. 

Executive Director Russell Zimmerman said today’s decision will help to provide Australian businesses with much needed relief and is a step toward building higher levels of business and consumer confidence.

“While a reduction in rates is always welcomed, this alone is not enough to stimulate business and jobs growth. Retailers are now looking ahead to the Federal Budget to ensure small business tax cuts are being delivered in order to boost their bottom lines.

“Low interest rates are acting to support borrowing and spending and today’s rate cut is certainly a positive step, however, business growth must still be supported with a solid plan in the upcoming Federal Budget,” Mr Zimmerman said. 

Since 1903, the Australian Retailers Association (ARA) has been the peak industry body representing Australia’s $265 billion retail sector, which employs over 1.2 million people. The ARA ensures retail success by informing, protecting, advocating, educating and saving money for its 5,000 independent and national retail members throughout Australia.

Visit www.retail.org.au or call 1300 368 041.

ends