Retailers have welcomed the Reserve Bank’s decision to keep interest rates at 4.75 per cent.
Australian National Retailers Association (ANRA) chief executive Margy Osmond said it is particularly good news as the early part of 2011 continues the ‘challenging’ theme of the 2010 for the sector.
“The Interest rate jump on Melbourne Cup day certainly sent aftershocks through the retail community, particularly in the lead up to Christmas. Retail sales figures for December will be out next week, which will tell us how much of an impact November’s rate rise had,” she said in a statement.
“Retailers are anticipating that the early part of 2011 will be a reflection of 2010, with additional challenges in terms of flood damage to stores in Queensland and Victoria, alongside extra transport and clean up costs and rising utility prices.