Australia’s two retail peak bodies have tabled their key concerns ahead of the release of the Federal Budget, projected to be released in March.
In a joint pre-submission, the Australian Retailers Association (ARA) and the National Retail Association (NRA) are calling for increased support for small and medium-sized businesses, national harmonisation of retail industry regulations, leadership on retail crime, and strengthened supply chain infrastructure.
“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,” ARA chief industry affairs officer Fleur Brown said
“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.
“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; and collaborate on community outcomes.
“We are in a uniquely competitive landscape, with technology driving global competition at a pace never seen before,” Brown continued.
“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.
“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.”
Some of the key focus areas of the Albanese Government in its current term include cost of living relief, strengthening Medicare, jobs, skills and training, housing and investing in a ‘Future Made in Australia’, according to the Prime Minister’s website.
NRA interim CEO Lindsay Carroll said the upcoming 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,” Carroll said.
“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,” she said.
Some of the other wishes raised by the ARA and NRA’s submission include expanding the 25 per cent small business tax rate to businesses earning up to $250 million annually, launching a national AI strategy, and prioritising a national waste strategy and expanding recycling infrastructure in regional areas.