The Australian Retailers Association (ARA) and National Retail Association (NRA) are urging the federal government to recognise the importance of Australia’s retail sector ahead of the upcoming federal budget.
ARA Chief Industry Affairs Officer Fleur Brown says with retail contributing almost one fifth of Australia’s gross domestic product, it’s clear we can’t have an economic recovery without a retail recovery.
“The past few years have been immensely challenging for retail – from the ongoing impacts of the pandemic and supply chain disruptions to steep interest rates, rising business costs and an intense retail crime wave,” she says.
“We have seen the toll of this unfortunately on our workforces and businesses with too many retail businesses struggling or facing near collapse.”
The ARA and NRA are advocating for government focus across three key pillars:
- Embrace a growth mindset
- Grow the retail workforce
- Collaborate on community outcomes
Ms Brown says technology is driving global competition at a pace never seen before.
“These goals are about helping retailers small and large compete and contribute to our growing Australian retail sector, strengthening the retail workforce, and shaping community outcomes that benefit all Australians,” she says.
“With this in mind, key priorities for retailers include eliminating red tape and streamlining regulatory process, securing financial support and tax exemptions for small to medium size businesses, ensuring retail crime is addressed, and improving access to careers in retail.”
NRA CEO Lindsay Carroll says the budget is a chance for the federal government to bolster the sector after a challenging year.
“This will be the government’s final budget before the federal election, and we hope retailers receive a leg up after withstanding record lows in consumer spending and sky-high operating costs,” she says.
“Retail is an ever-changing landscape, and the challenges from the last few years have no doubt left quite a few retailers on the backfoot.
“Small businesses, the backbone of our economy, are especially in need of a boost so they can catch up to their competitors.
“Low inflation figures mean the government is well-positioned to invest in the growth of the retail sector. Investing in these priorities will increase productivity, attract investment and promote innovative capabilities in retail.”