Retailers Experiencing a Downturn

BY TYLER FARDELL

It appears retailers across the country and the Hunter are feeling the pinch, with the Australian Bureau of Statistics today releasing figures which show an increasing downturn in retail turnover.

The ABS data shows a 0.6% percent fall in retail turnover for August this year compared to the same time last year.

Following this, the National Retail Association is hoping the decision by the Fair Work Commission to cut Sunday and Penalty rates won't be overturned, with fears many retailers would be unable to open on Sundays as they couldn't afford to pay their employee's.

NRA Chief Executive Dominique Lamb says overturning the decision would be a disadvantage for everyone.

"If retailers can't afford to open their doors on a Sunday, in an environment where consumers are more price-driven than ever before, are spoiled for choice by international competitors who are not subjected to the same cost imposts our retailers are, and expect to be able to shop seven days a week, then everyone loses out", she said.

The area's which received the biggest downturn are cafes, restaurants and takeaway food services (-1.3%) and household goods (-1%).

While there's not one key factor to blame for the low retail turnover, CEO of the Hunter Business Chamber Bob Hawes has an idea.

"Retailers and consumers are struggling with the rise in electricity prices and then the retailers try to make back the money by increasing prices of products", he said.

"Hopefully the retail industry can recover in time for christmas".

Former billionaire pays back his debts

BY JESSICA ROUSE

Bankrupt former billionaire Nathan Tinkler has finally repaid his debt to retail king Gerry Harvey.

The last $5.5 million of a $60 million loan have been paid back after liquidators announced the sale of Nathan Tinkler's former horse stud headquarters in the Hunter Valley.

The former billionaire had spent more than $26 million buying and developing the property which in the end was carved up into three lots and sold for an undisclosed sum.

Gerry Harvey told Fairfax Nathan thinks he can make it back, but hope is wonderful thing and in reality many in his situation can never make that comeback.

Nathan Tinkler Image wikipedia.com