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Retail crisis: calls for RBA chief Glenn Stevens to step down


The latest ABS retail trade figures show that sales in February fell 1.4%, seasonally adjusted, compared with a rise of 1.1% the previous month.
 
Sales fell, in seasonally adjusted terms, across five industry groups: Department Stores (-3.9%), Clothing, Footwear & Other Personal Accessory Retailing (-3.9%), Food Retailing (-1.7%), Household Goods Retailing (-1.3%) and Other Retailing (-0.8%). Sales rose in Cafes, Restaurants & Takeaway Food Services (1.8%).
 
NSW (-2.5%) recorded the biggest decline in sales in February, followed by South Australia (-1.7%), Western Australia (-1.4%), Victoria (-0.9%), the Australian Capital Territory (-0.9%) and Queensland (-0.8%). Sales in Tasmania (1.5%) and the Northern Territory (0.8%) rose in February 2010.
 
A retail crisis?
 
Principal of the RETAiL Alert Group (Australia) Tony Standley said the April interest rate rise is another nail into the heart in the recovery of Australia's small-space user retail sector.
 
“It proves that the RBA is wedded to the Big Four Banks and its independence to deliver fair market settings for the Australian small business sector has to be called into question,” he said.
 
The RETAiL Alert Group “on behalf of 1,000's of small space user retailers” is calling on the Rudd government and the Australian Coalition to provide their policies for a RBA mandate overhaul in time for the coming election.
 
“We look to the small business and competition ministers on both sides of politics to take up this cause on behalf of small business, particularly the high employing small space user retail sector,” he said.
 
Since late 2009, the RETAiL Alert Group has been flagging growing dissatisfaction of the RBA under the leadership of Glenn Stevens.
 
“Prior to the last March interest rate rise we warned the RBA and Treasurer Wayne Swan of the effect any further interest rate rises would have on overall retail sales activity.
 
“Now with the recent sales figures out - last week we indicated that we were right, the cumulative effect of the recent rate rises has flattened retail sales activity in Australia.
 
“We said prior to the last interest rate rise we are staggered by the crass economic stupidity of the RBA under Glenn Stevens and the passive acceptance of Australia’s Treasurer Wayne Swan delivering at further interest rate rise - the cumulative effect of which damaging the fragile recovery of Australian small business.
 
“Now the April rise has happened we are totally lost for words - the last round of speaking engagements by Glenn Stevens were strange, odd, with audiences somewhat bemused with the rambling justifications of interest rate settings,” Mr Standley said.
 
“Sorry, Glenn Stevens has to go.”

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