Businesses in Geelong are hoping the city’s high profile Christmas festivities will help attract customers into the CBD after a quiet winter and spring.
The rising cost of living continues to impact spending, and some experts fear the Melbourne Cup Day interest rate hike – the 13th in 18 months – will have a negative impact on the busy Christmas season before it even gets off the ground.
However Geelong Chamber of Commerce CEO Jeremy Crawford believes things will pick up as the silly season moves closer.
“Theres plenty of things happening in Geelong, and what we’re really looking forward to is just the sheer number of events and attractions that are coming up,” he told Geelong Broadcasters.
“Hopefully businesses can really benefit from some of those visitors.
Mr Crawford said businesses in the waterfront precinct, in particular, should pick up extra trade thanks to the city’s iconic floating Christmas Tree.
“A lot of the businesses that are associated there can … benefit from some of that increase in people heading out there for an ice-cream, or for some lunch or dinner.”
The Reserve Bank’s decision to once again use interest rates to try and club inflation into submission is being criticised by some experts, who point out that it will do little to curb the biggest drivers of the cost of living: rents and insurance.
Tuesday’s hike will add an additional $100 to the monthly repayments on an average $600,000 mortgage.
