2020-21 Review of Retail Payments Regulation: Response to Issues Paper January 2020 AUSTRALIAN RETAILERS ASSOCIATION 1300 368 041 www.retail.org.au 1
[email protected] The Australian Retailers Association Review of Retail Payments Regulation About the ARA The Australian Retailers Association (ARA) is the retail industry’s peak body, representing a $325 billion sector employing more than 1.3 million people. The ARA works to ensure retail success by informing, protecting, advocating, educating and saving money for its 7,800 independent and national retail members which operate over 60,000 shopfronts across Australia. The ARA ensures the long-term viability and position of the retail sector as a leading contributor to Australia’s economy. Members of the ARA include Australia’s most trusted retailers, from the country’s largest department stores and supermarkets, to specialty retail, electronics, food and convenience chains, to mum-and-dad operators. Executive Summary Australia has enjoyed an uninterrupted period of economic growth spanning almost three decades, an achievement envied by many nations across the world. While the economy has strengthened over the past decade, ongoing GDP growth appears tenuous amidst a difficult and uncertain environment. The Reserve Bank of Australia (RBA) must be congratulated on the support it has given to the retail industry, and on the stable environment merchants work within to accept retail payments. Every day, merchants across the country rely on a stable financial system with card transactions now the most common payment method in Australia, with some 10 billion debit and credit card transactions totalling $678bn in value annually.