It’s shaping up as possibly the most significant week for retail industry data, as we look for indications of the upcoming pre-Christmas period. Firstly, the Reserve Bank Board will meet tomorrow for its regular discussion of monetary policy. And while general financial industry talk is playing down the chances of a Cup Day rates cut, it will be interesting to read the RBA’s views on the strength and direction of the economy.
Later in the week we will have monthly retail trade figures for September from the Australian Bureau of Statistics. The ABS will give us the most up-to-date information on how our industry is tracking leading into the busiest part of the year. And finally, the Commonwealth Bank is poised to release its Retail Insights report in the coming days, providing a further view of the industry’s performance.
All this data may not necessarily change the way you operate your business. (And in fact, members often tell me they can predict in advance what these kinds of surveys and reports will say, based on their own day-to-day trading experience.) But the information is important because it shines a light on our industry, and allows your association to highlight potential issues and concerns to government in advance of problems arising. Obviously we are all keen to see momentum continuing to build as we approach the pre-Christmas trading period. We will keep you updated as information becomes available.
Finally this week, another reminder to contact us if you are happy to speak to media about Christmas trading news stories. We often receive requests from news organisations asking for business owners who will participate in Christmas shopping stories, and it is useful to have a bank of retailers who have said they are prepared to join in.
Have a great week.