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Tuesday, August 6, 2013

Virgin Australia to record loss of $110 million this financial yearThe total retail sales have remained lower than expected during the month of July, 2013 in Australia even as the interest rates remained low in the country.

The retail sales remained unchanged in June from the previous month indicating that the consumer demand is not improving even as the interest rates remain at record low levels, according to the Australian Bureau of Statistics. The economists in the country were expecting the retail sales to rise around 0.4 per cent during the month.

The retail industry is urging the government to offer another interest rate cut to boost spending in the country. Data showed that earnings rose restaurants and for household but it fell in retail and clothing industry. Retail sales remained flat after recording a 0.2 per cent growth in May and a decline of 0.1 per cent in April.

The Australian Retailers Association (ARA) and the National Retail Association (NRA) have urged the Australian central bank to reduce interest rates at its board meeting tomorrow in order to give leave money with the customers to boost spending in the country.

"Since 2009, trend growth in per capita consumption has been about 1.4 per cent per annum, half what it had been from 1995 to 2005," Mr Stevens said.


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