After holding off on many anticipated rate cuts, the Reserve Bank has finally made the decision to lower the cash rate by 0.25 per cent to 2.75 per cent.
Retailers are pleading for another interest rate cut to 2.5 per cent when the Reserve Bank of Australia meets in May.
The Reserve Bank has decided to keep the cash rate steady at 3 per cent.
Retailers have mixed feelings about the Reserve Bank’s decision to leave the cash rate unchanged at 3 per cent.
The ARA continues to urge for the Reserve Bank of Australia to cut rates when they meet in February.
The retail industry continues to call for the Reserve Bank to lower interest rates.
The Reserve Bank has brought Christmas cheers for retailers by reducing the cash rate by another 0.25 per cent to 3 per cent.
As the nation stopped to watch the Melbourne Cup race, retailers held to their breaths for the Reserve Bank's decision on the cash rate.
Customers are expected to remain cautious in the lead up to Christmas, with non-essential spending expected to fall as consumer concern about financial security rises.
Consumer sentiment only increased a slight 1 per cent in October from 98.2 in September to 99.2 in October, according to the Westpac Melbourne Institute Index of Consumer Sentiment.
Retailers have welcomed the Reserve Bank’s decision to cut interest rates by a further 25 basis points down to 3.25 per cent.
Retailers have criticised the Reserve Bank's decision to leave the cash rate unchanged at 3.50 per cent as it is only a reflection of sectors that are performing well - retail not being one of them.
As predicted by most analysts, the Reserve Bank has left the cash rate at 3.5 per cent.
The latest Westpac Melbourne Institute Index of Consumer Sentiment increased in June to 95.6, a 0.3 per cent increase from 95.3 in May.
The Reserve Bank has decided to lower the cash rate by another 25 basis points to 3.5 per cent.
Australia is increasingly becoming a cashless society with debit card usage doubling more than credit cards, indicating consumers prefer to shop with their own money, new figures reveal.
Retailers will be left smiling after the Reserve Bank reduced the cash rate by 50 basis points to 3.75 per cent - the biggest cut made since February 2009.
There's no more excuse for the Reserve Bank to not cut interest rates in May or June after the Australian Bureau of Statistics announced an increase in the Consumer Price Index by 0.1 per cent.
Glenn Stevens, RBA governor, said recent information about the global and local economy is consistent with the Reserve Banks’ expectations, resulting in their decision to leave the cash rate.
The RBA and the Australian Prudential Regulation Authority are considering "strengthening the handling of any future disruptions”.
While there were speculations that the Reserve Bank would cut the cash rate following two previous drops in November and December, its been left unchanged at 4.25 per cent.
The decision comes following the RBA initiating a public consultation in June on potential changes to the standards relating to merchant surcharging.
Despite the second rate cut from the Reserve Bank, consumer sentiment has fallen by 8.3 per cent in December from 103.4 in November to 94.7.
Both the NRA and the ARA have described the news as an extra break the sector needs to continue the recovery after a soft couple of years and a disastrous few months.
Consumer sentiment has dropped to its lowest level in two years, the Westpac-Melbourne Institute Index revealed today.
David Masters, MasterCard’s vice president of strategy and corporate affairs, welcomed the news saying the review could mean consumers would be better protected for excessive surcharging by merchants.
This is what the RBA found during its initial consultations for its strategic review of the payments innovation, which is due for release mid-year.
In a recent meeting, the Payments System Board of the RBA discussed date reporting requirements imposed by international card schemes on some transactions through the eftpos system, and brand fees imposed by one scheme on those transactions.
This was highlighted as part of the RBA’s submission to a federal parliamentary inquiry into small and medium business access to finance.
The RBA said that the number of inbound postal items delivered through the Australia Post network suggests there's been a growth in online purchases from overseas.
The RBA has decided to raise the cash rate by 0.25 per cent to 4.75 per cent just before the Christmas trading period begins.
The speculation and the uncertainty of rate rises can have a negative impact on retailers, NRA executive director Gary Black said.
Over the last few weeks the Australian dollar has been steadily increasing following the country's recovery of the global financial crisis.
Despite the Reserve Bank Australia's (RBA) earlier announcement this week that it will not be increasing interest rates, there is still a lot of uncertainty.
According to the Australian National Retailers Association, this rate rise has the potential to subdue the already weak growth in the retail sector and may damage the confidence of consumers in the lead up to Christmas.