Retail bosses are hopeful that the income tax cuts and new migrants will bolster consumer spending even if the Reserve Bank of Australia raises interest rates in the coming months.
Higher costs, as a result of stickier than expected inflation and 13 rate increases since May 2022, have put pressure on household budgets and curbed spending, the chief executives of retailers Nick Scali and Harvey Norman have said. But the pullback has not been as bad as feared, they add.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
