Tonight’s Federal Budget will be strongly welcomed by retail business owners, their employees and their customers across Australia. At a time when the cost of living is the number one concern for most households, the Budget delivers a timely and precise injection of financial support to those who need it most. This will result in greater confidence and stronger household expenditure, while in turn will boost small business owners and help them increase both pay and work opportunities for their employees.
The NRA is particularly pleased to see inflation projected to return to the Reserve Bank’s target band, which should in turn lead to lower interest rates which would add to consumer confidence.
We endorse the continuation of the instant asset write-off of recent Budgets, This is a measure that supports retailers in investing in their own businesses while also seeing the benefits of additional spending by other businesses.
We also welcome the Small Business Energy Incentive. For many retail businesses, particularly those involved in food storage, energy has become an increasingly significant portion of their overheads in recent years.
We look forward to seeing more details on the promised 300,000 new fee-free TAFE places, and additional investment in foundational skills. The retail sector offers a start for every Australia, but the key to higher wages is the higher skills that can only come through training. Retail is one of the nation’s largest employment providers, and should not be overlooked in allocating those places.
The National Retail Association is the voice of modern retail, representing more than 60,000 stores across Australia. It has been serving businesses in the retail and fast-food sectors for close to 100 years.
For more information, please contact the NRA media unit at marketing@nra.net.au or 1800 RETAIL (738 245).