To improve policy and regulation.
The Australian Retailers Association (ARA) has issued a submission to the Department of the Treasury’s Black Economy Taskforce regarding the retail industry’s leading role in fighting the black economy.
This Taskforce is focused on developing a strategy to uncover and stop the black economy in Australia by encouraging a move towards cash alternatives, improved policing and regulation. The current existence of the black economy undermines legitimate businesses in the retail sector.
The ARA’s Black Economy submission highlights the retail industry’s proactive role in tackling the black economy. ARA executive director Russell Zimmerman said retailers across the country are using innovative and consumer friendly payment options to eradicate illegitimate and unfair business practices.
“We are extremely pleased to see the retail sector leading the way in tackling the black economy through innovation and proactive measures. The introduction of mobile payment systems, cashless payroll systems and electronic payment systems are all examples of how the retail industry has developed solutions to assist in eliminating illicit trade,” he said.
The ARA called on the Black Economy Taskforce to embrace new technologies including mobile wallets and mobile payments to provide open access to retailers and consumers.
“Greater participation in mobile wallets and mobile payments by merchants and service providers will lead to greater convenience for consumers while reducing under the counter transactions. These new payment technologies can provide a wide range of benefits which will significantly reduce black economy transactions and improve cash flow efficiencies for retailers,” he added.