In its latest announcement on interest rates (Wednesday 6th April) the Reserve Bank decided to hold rates at the level set in November 2010.
The decision to hold is very significant for retailers because the number 1 reason given for the current drought in consumer spending (other than the GFC) is interest rate rises. You might remember a series of official interest rate rise in 2010 which spooked consumers on many levels.
The National Retailers Association (NRA) has welcomed the announcement saying that it brings the industry “much-needed stability”.