The National Retail Association (NRA) has predicted that the Australian retail sector will hit $300 billion in revenue this financial year.
According to research conducted by the NRA, a surge in consumer confidence since July last year as well as booming Christmas spending could contribute to a record breaking growth in the industry.
As such retail revenue in 2015/2016 is poised to increase by 4.6%.
NRA CEO Trevor Evans believes that the opportunity for employment is also on the horizon.
“There’s every reason to believe that – barring sudden external shocks to the Australian economy, that retail should become a $300 billion industry this financial year.
“Since July last year the sector has benefitted from rising employment, home prices and consumer confidence – all of which have driven sales leading into the summer holiday period.
“The demand for labour is expected to continue growing throughout 2016, with job vacancies on track to reach a record high by June.
“All of this underlines the growing significance of the retail sector as a driver of growth and employment in the Australian economy.
“As tens of thousands of school-leavers begin their career pathways this month by combining new tertiary education positions with part-time retail jobs, or as others begin new and exciting full-time positions, it’s fitting that we reflect on the importance of the retail sector to our nation’s prosperity, and to the future careers of so many young Australians.”
The NRA has also congratulated Kate Carnell who has just been appointed to the role of small business ombudsman.
It is the first time that the government has made room for the role, a move which Evans has applauded.
“This appointment is a major win for small retail businesses who will now have access to an independent advocate who will ensure the government creates the best conditions for the growth of small businesses.”
Carnell was previously an Australian Chamber of Commerce and Industry chief executive.