Australian businesses say they are feeling the knock-on effect of interest rate hikes after the Reserve Bank raised them for the 10th consecutive time in less than a year. 9News
Cahoon said since rates first went up last year his sales have gone down by about 30 per cent at his Laverton shop, which stocks premium brands.The store owner said he may have to let three workers go if the interest rates continue to rise.Store manager, Michael Carr. Cahoon will be "in tears" if he has to get rid of staff who are also struggling.
His store manager, Michael Carr, has been begging for more hours despite the decrease in customers because the father has a fixed rate home loan that will turn into a variable rate next August.Many stores are promoting sales to try to get customers through the door. Many stores are promoting sales to try to get customers through the door, but that also means profits are being slashed.
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