ETS costs add winter of discontent for consumers

Press Release – Newmarket Business Association

Petrol and electricity price hikes from Thursday, when the Government’s emissions trading scheme takes effect, will mean less money in consumers’ pockets and will be hard on the country’s retailers, says one business advocate. ” ETS costs add to the winter of discontent for the consumer

Petrol and electricity price hikes from Thursday, when the Government’s emissions trading scheme takes effect, will mean less money in consumers’ pockets and will be hard on the country’s retailers, says one business advocate.

This winter is proving to be a difficult environment for the country’s retailers. The economic recovery has been slow, and we’re now seeing rising interest rates and inflation thanks the extra ETS costs and with GST set to increase,” says Cameron Brewer, chief executive of the Newmarket Business Association.

“It’s lining up to be a bit of a winter of discontent for many consumers. However we’re anticipating some positive pick-up in the last quarter.

“Shoppers are keeping their hands in their pockets with their spending power eroding all over the place. Wages and salaries aren’t going up much to compensate because everyone knows there are not a lot of jobs out there. Good news however will come in October with across-the-board tax cuts, but we’ve got to get through this winter first. It’s a tough patch for retailers.

“Consumer and business confidence is still very wobbly and in Auckland a lot of uncertainty remains as we head towards the biggest local government election in our history.

“We’re telling retailers just to be patient. We’re confident things will start to improve in the last quarter of the year with some good tax cuts, more certainty, and hopefully some strong corresponding growth in confidence,’” says Cameron Brewer.

ENDS

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