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.
New credit card surcharges have come into effect, which limit retailer surcharging when customers pay with a Visa credit card, both in-store and online.
Retailers have mixed feelings about the Reserve Bank’s decision to leave the cash rate unchanged at 3 per cent.
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.
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 Reserve Bank of Australia has made a decision to ban excess surcharges, which means merchants can no longer impose surcharges on customers making card payments in-store.
The latest survey of retail centre managers conducted by Jones Lang LaSalle points to a slight improvement in sentiment across 89 retail centres, following the interest rate cut 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.
The Reserve Bank of Australia announced it would keep the official cash rate on hold at 4.25 per cent, stating its position on monetary policy remains unchanged.
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”.
Retailers’ hopes were left shattered when the Reserve Bank announced it was keeping the cash rate at 4.25 per cent but now there are expectations that the RBA will provide an interest rate cut next month.
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.
The RBA has decided to lower the cash rate by another 0.25 per cent down to 4.25 per cent, which is expected to boost Christmas retailing this year.
The RBA has come to retailers' rescue in time for the most important retail trading period of the year after announcing a 0.25 per cent reduction in the cash rate.
The RBA has decided to leave the cash rate at a steady 4.75 per cent.
The cries of retailers to cut interest rates have been left unheard as the RBA has decided to leave it unchanged at 4.75 per cent.
It appears that consumers are spending again as the Australian retail trade turnover rose 0.5 per cent in July 2011, following a 0.1 per cent fall in the previous month.
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.
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.
There’s a sigh of relief among Australian retailers as the Reserve Bank of Australia has decided to hold the cash rate unchanged at 4.75 per cent.
his news has been welcomed by both the ARA and the NRA that have suggested keeping the cash rate stable for retailers as to continue their recovery.
The Reserve Bank of Australia has confirmed that the interest rate will remain unchanged at 4.75 per cent where it has been since last November.
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.