Jobs will be lost and more Australian businesses will close unless the Reserve Bank cuts official interest rates on Tuesday, the head of a national retailers' group has warned.
Most retail business owners were still struggling to make ends meet, the head of the National Retail Association, Trevor Evans, said in a statement issued on Monday.
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The Reserve Bank of Australia (RBA) had the power to revive the retail industry and save Australian jobs by declaring a rate cut, Mr Evans said.
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Previous interest rate cuts this year and the federal government's cash handouts for carbon had not provided any ongoing boost to the retail sector, he said.
"More jobs will be lost and the doors of more Australian businesses will be closed if the RBA doesn't cut its rates tomorrow," he said.
"Retail is one of Australia's largest employers, particularly for young and unskilled workers, and it urgently needs interest rate cuts if it is to be a happy Christmas for those workers."
The goal of a rate cut was to stimulate consumer spending and the latest retail trade figures clearly showed the sector was still "doing it tough", Mr Evans said.
The RBA will meet on Tuesday to decide whether to change the official interest rate.
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