27 May 2014

How The Federal Budget Affected Retail

The retail industry has felt the pain after a tough Federal Budget hit consumers’ hip pockets, latest figures show.

Sales across the retail sector slumped 5.1 per cent in the week after the Abbott Government’s first Budget, ­according to the new Australian Retail Index.

The index data, compiled by advisory firm BDO and software provider Retail Express, show a sharp reaction from consumers after a Budget that included higher taxes and welfare cuts.

The slide was driven by a dramatic plunge of more than 20 per cent in the fashion and accessories category, as shoppers cut back on discretionary spending.

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