THE Reserve Bank of Australia's (RBA) decision to keep interest rates on hold has denied retailers a reason to celebrate on Melbourne Cup day, a peak retailers' group says.
The RBA on Tuesday said it had left its interest rate on hold at 3.25 per cent after its November board meeting.
It is the first time in six years the bank has left the cash rate unchanged on Melbourne Cup day.
Australian National Retailers Association (ANRA) chief executive officer Margy Osmond said the bank had "bet against the retail sector" on Tuesday, leaving retailers on the losing side.
"After the major banks refused to pass on the full cash rate cut in October, giving mortgage holders only a limited boost to their discretionary spending, retailers were hoping their Melbourne Cup winner would come in," she said.
"Now we are likely to see consumers put the brakes on spending again in the crucial lead-up to the holiday season."
Ms Osmond said Australians were already watching every penny and keeping the cash rate the same would return them to a saving over spending mentality.
She said retailers were waiting on the federal government's response to the Low Value Parcel Processing Taskforce report that showed practical ways for overseas businesses to face the same tax obligations as Australian retailers.
"The RBA has not come to our race day party, so now we are waiting on the federal government to play Santa in 2012," Ms Osmond said.
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