RETAILERS have praised the Reserve Bank’s decision to hold interest rates steady, describing it as the break the sector needed to get back on its feet.
National Retail Association executive director Gary Black said retailers had been looking for favourable news to help them secure their business futures and continue creating employment opportunities.
“It’s no secret conditions have been difficult in the retail sector. We’ve been saying for more than 12 months that shop owners were doing it tough.
“However, my members tell me regularly that they are keen for an end to the constant media speculation about interest rates, and the stories about falling consumer confidence. After a while these simply become self fulfilling,” Mr Black said.
“Across Australia, retailers will be looking at today’s decision as a turning point from the gloom of recent months.
“Hopefully it will give consumers the certainty they need to make major purchasing decisions, which in turn will flow through to better trading conditions.”