Retailers rally for rate cut | IR News

Retailers rally for rate cut

Posted Date: 05/12/2011

By Inside Retail

The Australian Retailers Association (ARA) has called for a reduction in interest rates for December following a survey indicating smaller retailers are counting on the extra money in consumers’ pockets to save Christmas.

ARA executive director, Russell Zimmerman, said the rate cut would be timely relief for consumers and retailers as most shoppers start thinking about their Christmas shopping in early December.

“32 per cent of consumers are looking to start their Christmas shopping during these first two weeks of December, and a rate cut would give retailers some reassurance that Australian households will fully embrace the silly season.

“In addition, 65 per cent of retailers either agree or strongly agree that a December rate cut would boost sales both before and after Christmas.

“We are calling on the RBA to listen to those who are at the coal face of the retail industry and don’t need to feel the effects of consumers under mortgage stress during the most important trading period of the year,” Zimmerman said.

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