Struggling retailers will benefit from the cost-of-living measures announced in last week’s budget, with spending to flow strongly to business bottom lines, the National Retail Association has predicted.
NRA CEO Dominique Lamb said measures aimed at boosting consumer spending and training and skills development had long been advocated by the NRA.
“Consumer cash flow is the lifeblood of many small retail businesses, and fuel excise cuts and cash handouts will help counteract the steep revenue drop experienced at the beginning of the year,” Ms Lamb said.
“The budget is taking steps towards economic recovery for the businesses and people heavily impacted by the effects of the pandemic.”
Ms Lamb also welcomed the low employment rate, and said the government could continue to drive it down by investing in training for entry-level workers in retail.
“The retail sector is one of the nation’s largest employers, and has the potential to drive the economic recovery if there are enough skilled workers. Often retail is overlooked, so we call for training resources to be focused on the retail and hospitality sector in the year ahead.”