A strong retail sector reflects and sustains a strong economy. Creating the right conditions for retail is critical to Australia’s economy.
This is important because as a top ten contributor to Australia’s Gross Domestic Product (GDP), retail is a key driver of economic growth.
The retail sector contributes directly and indirectly some $134 billion – or eight per cent – of total economic activity through more than 127,000 retail operators nationwide. This represents around six per cent of all businesses.
Retail’s most positive and significant contribution is not necessarily measured in dollars but through the more than 1.25 million jobs retail sustains across Australia – directly employing one in 10 Australians.
Retail creates unique upstream and downstream benefits to the economy and assists in generating business activity and jobs in many other industry sectors across the economy – indirectly providing another one in seven jobs in supporting industries.
These factors are vital in delivering to Australian households. Household consumption is the largest contributor to economic activity and therefore an important driver of Australia’s future growth. Retail makes up around 43 per cent of total household consumption, enabling the sector to have an unmatched connection with Australian households.