THE Australian Retailers Association (ARA) believes August trade figures released on October 5 by the Australian Bureau of Statistics (ABS) represent the quiet boost in consumer confidence, with August seeing a 3.77 percent total year-on-year increase.

Russell Zimmerman, Executive Director of the ARA, said August’s trade figures were driven by the launch of new season products and the confidence seen in the change in Prime Minister.

“We can see there was a slight uptick in consumer confidence around August with cafés, restaurants and takeaway food services showing the strongest year-on-year growth at 5 percent,” Mr Zimmerman said.

“Clothing, footwear and personal accessories also saw a strong 4 percent year-on-year growth this August as some confidence returned to consumers after receiving their tax refunds.”

The ARA believes these strong mid-year figures are also a consequence from the psychological effect of the personal tax cuts coming into play from July this year.

“This quiet consumer confidence can be seen across various retail categories with consumers rewarding themselves with little luxuries across the market,” Mr Zimmerman said.

“Department stores saw solid growth in August with this retail category reaching 2 percent year-on-year growth - the biggest increase they’ve seen since May this year.”

Tasmania (6.20%) led the country in August trade, with Victoria (5.93%), South Australia (4.70%), New South Wales (4.28%) and the Australian Capital Territory (4.20%) not far behind. Queensland (2.39%) remained steady in August, whereas the Northern Territory (0.04%) received minimal growth and Western Australia (-0.99%) unfortunately remained in negative territory for the fourth month in a row.

“This quiet growth is somewhat comforting for all retailers across Australia, especially leading up to Christmas,” Mr Zimmerman said.

“We hope this boost in consumer confidence and discretionary spend flows through to the end of year where retailers are hoping to see their biggest trade yet.”

Monthly Retail Growth (July 2018 - August 2018 seasonally adjusted) 

Department stores (0.87%), Clothing, footwear and personal accessory retailing (0.79%), Cafes, restaurants and takeaway food services (0.70%), Other retailing (0.37%), Household goods retailing (0.20%) and Food retailing (-0.02%).

South Australia (0.78%), Tasmania (0.61%), New South Wales (0.52%), Victoria (0.23%), Australian Capital Territory (0.18%), Queensland (0.07%), Western Australia (-0.03%), and Northern Territory (-1.32%).

Total sales (0.29%).

Year-on-Year Retail Growth (August 2017 – August 2018 seasonally adjusted)

Cafés, restaurants and takeaway food services (5.01%), Food retailing (4.34%), Clothing, footwear and personal accessory retailing (4.05%), Other retailing (3.43%), Household goods retailing (2.16%) and Department stores (2.04%).

Tasmania (6.20%), Victoria (5.93%), South Australia (4.70%), New South Wales (4.28%), Australian Capital Territory (4.20%), Queensland (2.39%), Northern Territory (0.04%) and Western Australia (-0.99%),

Total sales (3.77%).

About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is Australia’s largest retail association, representing the country’s $310 billion sector, which employs more than 1.2 million people. As Australia’s leading retail peak industry body, the ARA is a strong pro-active advocate for Australian retail and works to ensure retail success by informing, protecting, advocating, educating and saving money for its 7,500 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

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THE Queensland Media Club, representing the Queensland Parliament Media Gallery and the Media Entertainment and Arts Alliance, will host the principals of the 10 projects that will change Brisbane at a luncheon on Monday, 8 October, 2018.

The principals will speak about their projects and how they will benefit the Queensland capital:

1. Graeme Newton, CEO, Cross River Rail ($5.4 bil)

2. Geoff Hogg, Queensland Managing Director, Queens’ Wharf ($3.6 bil)

3. Harvey Lister, Chairman and CEO, Brisbane Live ($2 bil)

4. Matthew Beasley, Office Development Queensland, Waterfront Precinct ($1.4 billion)

5. Gert-Jan de Graaff, CEO, Brisbane’s New Runway ($1.3 bil)

6. Richard McLachlan, Development Director, Herston Quarter ($1.1 bil)

7. Andrew Thompson, Project Director, West Village ($1 bil)

8. Cr Adrian Schrinner, Deputy Mayor and Chairman, Brisbane Metro ($944 mil)

9. Luke Fraser, CEO, Howard Smith Wharves ($200 mil)

10. Roy Cummins, CEO, Brisbane International Cruise Terminal ($158 mil)

The Media Club will explore the links between the projects and ask how they might benefit Brisbane’s economy, particularly the tourism economy by supporting Brisbane as a destination and not just a gateway to other places.

The luncheon will include a live media conference with members of the Queensland Parliament Media Gallery.

The Queensland Media Club is the official political, business and media forum of the Queensland Parliament Media Gallery.

Contact:

Emily Anderson
Three Plus
M: 0422 855 862 | T: 07 3167 1200
E: This email address is being protected from spambots. You need JavaScript enabled to view it.

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THE Institute of Public Accountants (IPA) intends to push for radical policy change to improve the small business productivity landscape in Australia through the recommendations contained within its 2018 Australian Small Business White Paper released last week.

The White Paper, produced in partnership with the IPA Deakin SME Research Centre, is heavily focused on Australia’s declining productivity levels and provides policy solutions for the small business sector to help arrest this decline.

“In fact, never before has there been such an assembly of informed academic research, together with practitioner insights, purely focused on small business productivity, growth and prosperity; much needed ingredients for our economic wellbeing and future living standards," said IPA chief executive officer and White Paper co-author, Professor Andrew Conway.

The White Paper encompasses 12 topics: productivity, regulation, taxation, SME financial markets, workplace relations, job creation and job destruction, innovation, competition policy, family firms, internationalisation, mental health, and, digitisation and cybersecurity.

“Our primary message to policy makers is; think big, get out of the way of entrepreneurs, and watch small business truly drive productivity."

IPA's Big Vision recommendations are:

1. Broaden the base and lift the rate of GST (subject to the appropriate equity measures).

2. Cut direct taxes.

3. Undertake a zero-base design of a thoroughly modern taxation system.

4. Reform and simplify the personal income tax scale.

5. Standardise a company tax rate at 25 percent.

6. States and territories to be held accountable to the Intergovernmental Agreement on Tax Reform to eliminate payroll tax and stamp duties. These revenues could be channelled into a state infrastructure fund to grow the economy.

7. Commit an incoming federal government to hold a small business summit within the first six months of assuming office.

8. The Prime Minister should form and chair a small business advisory council to provide direct policy input and options to the government to inform the COAG agenda with a core focus on productivity.

9. The federal Small Business Minister should remain a permanent position in Cabinet, preferably with its own department.

10. The federal government should facilitate small businesses joining global value chains to remain competitive and access global markets.

“Again, we need to ensure that the small business sector that is so vital to the Australian economy and standard of living, is well supported, encouraged and liberated to grow,” Prof. Conway said.

For more detail on the Australian Small Business White Paper go to: https://www.publicaccountants.org.au/news-advocacy/small-business-white-paper

publicaccountants.org.au

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THE Australian Space Agency has formally entered into Memorandums of Understanding (MoUs) with counterpart agencies in Canada and the United Kingdom, as part of the Coalition Government’s plan to launch a vibrant new space industry in Australia.

These MoUs will help all three nations develop their respective space programs and take advantage of the rapidly-expanding global space industry.
 
Minister for Industry, Science and Technology, Karen Andrews MP, welcomed the MoUs, signed overnight by the head of the Australian Space Agency, Megan Clark AC, president of the Canadian Space Agency, Sylvain Laporte, and chief executive of the United Kingdom Space Agency, Graham Turnock.
 
“Forging international partnerships is vital to building Australia’s space industry and ensuring our businesses can compete on the world stage,” Ms Andrews said.
 
“These agreements with counterpart space agencies in Canada and the United Kingdom will increase opportunities to work together and share information, technology and personnel between our nations.
 
“They represent a significant step in Australia’s journey with fellow spacefaring nations, and will help to grow the capability and competitiveness of our domestic space sector.”
 
Dr Clark said the signing of these new strategic agreements reflects the Australian Space Agency’s commitment to boosting international partnerships with government agencies.
 
“These signings provide a further positive contribution that cooperation in space science, research, technology, services, applications and international governance can bring.”
 
“Growing existing relationships with the United Kingdom on the likes of CSIRO’s NovaSar satellite project, Airbus’ Zephyr solar-powered unmanned aircraft and Canada’s cooperation in Earth Observation with Geoscience Australia provides more opportunity to jointly identify projects like these that can be supported and developed in both countries.”
 
The signing of the new MoUs took place at the International Astronautical Congress (IAC) being held this week in Bremen, Germany. The IAC is an annual meeting of international space agencies and industry, and was hosted for the second time in Australia in 2017.
 
As part of the 2018–19 Budget, the Federal Government is investing $41 million over four years to establish and operate Australia’s first-ever national space agency.

The Federal Government is also investing more than $260 million to develop world-leading core satellite infrastructure and technologies, including better GPS for Australian business and regional Australians and improved access to satellite imagery.

The Space Agency’s focus will be on fostering international space partnerships and opening the door for local businesses to compete in the global space economy, helping to drive job growth.
 
More information on the Australian Space Agency is available at space.gov.au.

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