Thursday, April 18, 2024

NRA releases retail recovery plan

The National Retail Association (NRA) has released an ambitious blueprint designed to tackle the unprecedented challenges confronting the sector and set Australian retail on course for recovery.

The release follows a summer of devastating drought and bushfires, as well as a number of established retail brands closing their doors in the last 12-18 months. The outbreak of the Coronavirus is another issue affecting retailers, says the NRA, and the full impact is yet to be fully felt.

NRA CEO Dominique Lamb says that although there was no silver bullet, the following measures would greatly assist in getting the sector off the canvas.

  • 12-month payroll tax ‘holiday’

The NRA is calling on all state governments to provide a temporary 12-month payroll tax ‘holiday’ to provide immediate financial relief to relevant businesses so that they can hire more staff and boost productivity.

  • Annual Wage Review exemption for bushfire & Coronavirus affected communities

“We’re advocating that businesses who have been directly impacted by the devastating bushfires and the outbreak of the Coronavirus be exempt from any changes emanating from the Annual Wage Review,” Ms Lamb says.

  • Funding for financial education assistance

The NRA is also urging the federal government to invest in a financial education assistance program to both engage and teach new small business owners on how navigate the financial challenges of running a business.

  • Instant asset write-off

Ms Lamb says the instant asset write-off has been an overwhelming success, however, it remains a year-by-year proposition in the Federal Budget.

“By elevating the scheme to a permanent status, the government would be providing greater certainty to SMEs to plan asset investments over the long term,” she says.

  • Safe Retail Precincts program extended to regional areas

Ms Lamb says the Safe Retail Precincts program, run by the NRA in conjunction with the federal government, has been highly successful in metropolitan areas in safeguarding shopping centres from threats such as crime and severe weather events. Extending the program to regional areas will assist in making a retail business in those communities more attractive, safer and affordable.

 

NRA’s Blueprint for Retail Recovery can be viewed here.

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