Christmas trade predictions not looking good
CHRISTMAS might not be the boon time retailers have been waiting for warns Neil Coupland.
The Greater Springfield Chamber of Commerce President, who also owns First National Springfield said he market was flat.
"I think the Christmas trade may be, unfortunately, a little bit down,” Mr Coupland said.
He said due to rising inflation people were cautious about where they were spending their money.
"There's been no growth in wages, but I'm not sure that small business could handle it anyway.
"Most small businesses are just hanging in there. The market is flat.
"There's not a lot of confidence, people aren't spending money unless it's essential.”
Mr Coupland said Labor's plans to revamp negative gearing could add another couple of hundred dollars onto people's mortgages per month and would hit average families the hardest.
"The banks are making it difficult to borrow money. Most people negative gearing are people that earn standard wages.
"By attacking what they think is the big guys they are wiping out all the little guys.
"So why would you buy another property?”
"It will rock property prices.
"The government better be prepared to buy properties as people still need to rent.”
He said house prices were already falling in Sydney, 9 per cent in recent months heralding a decline similar to global financial crisis conditions when prices fell in Sydney by 12 per cent.