Is this the Best Time to Spend?

Ally Feiam By Ally Feiam | 05 Jul 2019

Not sure what to do with the $1,080 that could wind up in your pocket after next week? NRA’s Dominique Lamb urges Aussies to shop.

From next week, millions of Aussie workers will be eligible to receive an extra $1,080 when they file their tax returns. The National Retailer Association (NRA) is welcoming the passage of a $158 billion, five-year tax package by urging consumers to spend this tax reliefs in stores.

Whether it be online or in brick-and-mortar stores, this spend can offer a huge relief for retailers who are suffering from the lack of spending earlier this year. “The tax cuts passed by the Senate last night are the best present retailers could have asked for to kick off the new financial year,” explained NRA’s CEO, Dominique Lamb.

The first half of 2019 has been quite slow for retailers, according to the NRA. “Retail has had a very slow 2019, reinforced again yesterday by average ABS sales results for the month of May. This stimulus is therefore welcome news to retailers across the country who are battling difficult economic conditions,” Ms Lamb said.

Many consumers will be happy to receive the extra cash in their wallets and are encouraged to ‘splash the extra cash’ at the shops, whether that be online or in physical stores. “Although these tax cuts are no silver bullet, they certainly put money straight into the back pocket of millions of Australians and should result in a much-needed boost in retail spending,” she explained.

“The latest interest rate cut by the RBA demonstrates the need to get shoppers spending more money and providing shoppers with more disposable income assists greatly in achieving this. As the money hits bank accounts across the country in the coming weeks, the NRA is urging consumers to splash the extra cash at the shops,” she continued.

2018 saw a massive spike in retail spend, which is something that wasn’t experienced this year. The 2019 Federal Election also made consumers afraid to spend, due to interest rates and uncertainty in the political parties. With these tax cuts filling consumer’s wallets, Dominique Lamb says there’s no better time to splurge.

“Whether it is purchasing a few extra items during grocery shopping, splurging on some personal items or finally having enough cash to make a long-awaited purchase, we encourage shoppers to not be shy about spending this money.”

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