Retailers warn tax cut stimulus effect is months away

Original article by Sue Mitchell
The Australian Financial Review – Page: 17 : 19-Sep-19

Lower interest rates do not seem to be having a positive impact on retail sales, according to Peter Allen, the CEO of shopping centre owner Scentre Group. Allen told an Australia Israel Chamber of Commerce retail forum in Sydney on 18 September that consumers are seeing rate cuts as a sign the economy is slowing, and that they may need to be more careful with their spending. Daniel Agostinelli, the CEO of footwear retailer Accent Group, said that tax offset payments have not had any positive impact on its sales as yet, while Erica Berthold, the CEO of online fashion retailer The Iconic, said stimulus on its own was not enough to lift sales. Meanwhile, the latest ANZ-Roy Morgan Index has revealed that consumer confidence declined 3.5 per cent to a two-year low of 109.3 points.


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