THE Australian Retailers Association (ARA) congratulates Tony Abbott on retaining his position as Prime Minister after this morning’s failed spill motion in Canberra but insists the government must now do all it can to restore the nation’s confidence.

ARA Executive Director Russell Zimmerman said the government must regain focus and get on with the job of doing business.

“We are pleased that this morning’s outcome means Australia doesn’t have to witness the revolving-door style of leadership that we have experienced with past governments. At the end of the day, however, we need a sound economic path that improves productivity and certainty and it is imperative that the government learns from today’s events and does all it can to restore stability.

“The ARA asks that the economy and small business are put at the forefront of the government’s action plan, and we also ask that the senate does all that it can to assist with legislation processes moving forward.

“We have every hope that with the government resorting stability and supporting business, retailers and consumers alike will be able to enjoy a heightened sense of confidence in 2015,” Mr Zimmerman said. 

Since 1903, the Australian Retailers Association (ARA) has been the peak industry body representing Australia’s $265 billion retail sector, which employs over 1.2 million people. The ARA ensures retail success by informing, protecting, advocating, educating and saving money for its 5,000 independent and national retail members throughout Australia.

Visit www.retail.org.au or call 1300 368 041.

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THE Victoria Tourism Industry Council (VTIC) has applauded Sovereign Hill in the wake of the release of the economic impact study revealing the significant benefit the tourist attraction brings to Victoria.

The study shows Sovereign Hill contributed $228.5 million and 1,422 jobs (including part-time, casual and full-time) to the Victorian economy in 2012/2013.

“This significant contribution and job creation is realised through hotels, B&Bs, cafes, restaurants, taxis, supermarkets and in many other ways in Ballarat and throughout Victoria,” said VTIC Chief Executive Dianne Smith.

“This is a great example of our mantra that ‘tourism equals jobs’, especially in regional Victoria.

“This study demonstrates that investing in tourism infrastructure and product development provides considerable returns in terms of employment, regional productivity improvements and community cohesion."

More broadly, tourism and events are growth industries for Victoria and contribute $19.6 billion to the state economy each year and employ more than 200,000 people.

The Victoria Tourism Industry Council (VTIC) is the peak body for Victoria’s tourism and events industry, providing one united industry voice.

vtic.com.au  

A TOTAL of 22 lenders have announced rate cuts since RBA cash rate announcement on Tuesday February 3, 2015, according to comparison website finder.com.au.

According to finder.com.au money expert Michelle Hutchison, all four big banks have announced rate cuts and borrowers will be about $82 out of pocket per month because of delays in passing on the cut and the fact that full rate cuts have not been passed on in past cycles.

"With all four major banks now announcing rate cuts, the total number of lenders to so far make announcements is 22 according to finder.com.au," Ms Hutchison said.

"Six lenders announced cuts yesterday including AMP, ANZ, BankVic, National Australia Bank, P&N Bank and RAMS.

"Twenty-one of the 22 lenders have announced variable home loan rate cuts of 0.25 percentage points, while Westpac still remains the only lender to move beyond the Reserve Bank cut, passing on 0.28 percentage points.

"There has only been one lender to so far drop its variable rates this week, with Loans.com.au cutting rates effective Wednesday February 4, 2015. BankVic follows by reducing its rates on February 9 then ANZ on February 12. The remaining 19 lenders will pass on the Reserve Bank's rate cut from February 20-27," Ms Hutchison said.

"Despite the rate cuts, the average borrower with a $300,000 home loan will still be $82 out of pocket per month on average because most lenders haven't passed on the full rate cuts since November 2011.

"Borrowers with a $700,000 home loan are missing out on almost $200 on average per month.

"But since November 2011, borrowers with an average $300,000 home loan will be paying $400 less in monthly repayments when the latest round of rate cuts kick in next month. For a $700,000 mortgage, that's almost $1,000 less in monthly repayments.

"Borrowers can get even more if they compare home loans and ask their lender for a discount. Variable rate home loans are now starting from as low as 4.23 percent by Loans.com.au so if you have a variable home loan, keep an eye on your rate and don't settle for paying more than you need to."

Click here to view a table of the lenders that have so far announced rate cuts and we will be updating this page as we hear more announcements: 

www.finder.com.au/rba-cash-rate

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THE Council of Small Business Australia (COSBOA) is calling for all Members of Parliament to focus on the job of running the country, not on chasing votes through opinion polls as internal divisions and lack of confidence within the Liberal Party threatens to destroy the nation’s leadership.

Paul Nielsen, Chairman of COSBOA said today, “Our members are sick and tired of continued leadership uncertainty and policy stonewalling in the federal sphere. SME owners know that a business without leadership fails, a business where leadership is uncertain fails and businesses without a plan or a strategy and the capacity to execute it is going to fail. 

"Federal politicians, whether on the Government front bench, the back bench, or on the Opposition parties must put the wellbeing of the country before their personal agendas. All MP’s must work to fix these issues one way or the other and stop playing shallow politics.  Small business must have certainty to reboot our economy.”

Peter Strong, CEO of COSBOA added, “In times of uncertainty it is those people who control organisations with money and power who often see the opportunity to push their personal agendas.

“In the last twelve months the small business community has had the best policy focus we have ever had due to the efforts of the likes of Bruce Billson, Josh Frydenberg and Ian MacFarlane. The focus has been on competition policy, contract law, the performance of regulators, the future appointment of a Small Business Ombudsman, the improved franchise code of conduct, the outing of Large Corporates as toxic corporate partners for small business as well as a focus on fixing the vocational training problems in our country, this has been extraordinary. 

“We do not want to lose the focus on these issues that are so important to the social fabric of Australia and to the economy. Those small number of big businesses and organisations, including a lot of big businesses that do not contribute an equitable share of tax dollars, may well use this  uncertainty to remove the focus on the economy and replace it with their vested needs. The extremes of left and right ideology may also use this to push their own agendas” Mr Strong concluded.

Paul Nielsen added that, “The country has had far too many years of policy and leadership uncertainty and that has to change. Next month our CEO will be outlining the threats to our nations continued prosperity generated by a minority of unelected people and organisations whose vested agendas can promote their own welfare not national wellbeing.

"In the meantime we do not want to see the current leadership issues in the Federal Parliament dominate the business of Government and we call upon all MP’s and Senators to resolve these issues once and for all.”

www.cosboa.org.au

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