Retail

Plunge in April 2019 retail sales show need for urgent tax cuts

clothing retail stock image

The National Retail Association (NRA) has called on the federal parliament to urgently pass proposed tax cuts following the plunge in April 2019 retail sales revealed by the Australian Bureau of Statistics (ABS).

The ABS figures for April 2019 show that Australian retail turnover fell by 0.1 per cent, seasonally adjusted.

NRA CEO Dominique Lamb has called on both the Federal Government and Opposition to cooperate in implementing personal and business tax cuts.

“Today’s (June 4 2019) ABS figures for April (2019) paint a sombre picture and demonstrate the need to boost Australians’ disposable incomes,” Ms Lamb said.

“The Government went to the election promising tax cuts and has a mandate. The plunge in retail sales show the urgent need to put more money in the back pocket of all Australians.

“Retailers want to see both sides of politics put their squabbling to one side and to work together to deliver tax cuts that will benefit both households and businesses.”

By category the biggest falls were in Clothing, footwear and personal accessories which dropped by 1.2 per cent and Household goods fell by 0.9 per cent. On the flip side, Department Stores saw an increased turnover of 1.8 per cent.

“There were certainly mixed results across the board both in individual categories and in how each state and territory performed,” Ms Lamb said.

“Having said all that, now that the federal election is out of the way we are optimistic about a return to certainty and with that a much-needed boost to consumer confidence. Should the RBA decide to cut interest rates when it meets later, this should also encourage people to shop.”

Source: NRA

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