Australian retailers are poised to benefit to the tune of $3.2 billion over the next six months if the current low fuel prices remain in place, according to the National Retail Association (NRA).
NRA CEO Trevor Evans said with fuel prices falling below the $1 per litre mark in some parts of the country, households would save $350 by June 30, compared with the 2014/15 national average price of 136.5¢ per litre.
This would result in a national saving of up to $3.192 billion, according to research produce by the NRA.
Mr Evans says this would put additional money in the pockets of consumers, allowing them to increase spending on discretionary items rather than vehicle running costs.
“Based on these numbers, we expect to see a boost to retail turnover of up to 1.1 per cent,” he said.
“One-dollar fuel means an average of $350 back in the pockets of households, and potentially a $3 billion boost to the retail sector over the next six months.
“So lower fuel prices aren’t just good news for motorists. They are good news for retailers and the hundreds of thousands of Australians who work in the retail sector.”