Inflationary pressures remain a constant for businesses and consumers, and with the RBA increasing interest rates for the second straight month, we’re seeing more pressure applied to household budgets.
While retail sales are at record levels, we know this is partially due to the higher prices we’re seeing for everyday day items. The costs of doing business have increased significantly through the pandemic and continue to rise this year – so it’s not necessarily an accurate reflection of sector performance. The ARA is engaging our new Federal ministers on how we can address the cost and logistical challenges around supply chains and labour and skills shortages that can support the retail recovery.
NSW became the final state to phase out lightweight plastic bags last week, with more deadlines in other jurisdictions on the horizon. Next up is the ACT and Western Australia, who will be banning other single use plastic items, including plastic straws, from July 1. ARA members can register for our educational around the future of single use plastics in Australia at the link below.
The South Australian Budget was handed down last week with the State Government delivering on its commitment to impose no new taxes, or increase existing ones. We’re pleased to see additional investments in skills, training and a $100 million economic recovery fund to support local businesses to invest and grow. The NSW and Queensland state budgets will be handed down later this month and the ARA will be keeping a close eye out for measures that support the retail recovery.
The Fair Work Commission is due to deliver its judgment on the minimum wage in the next week or so and we’ll alert members and provide support information as soon as that decision comes through. As always, our membership team is here to help on this and any other topic and can be contacted via email or on 1300 368 041.