Finance Finance News Australian shop theft amounts to $1.7b

Australian shop theft amounts to $1.7b

Australian retailers lost more than $1.7 billion to theft in the 2012/13 financial year, which pushed up prices paid by all shoppers.
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Australians stole more than $1.7 billion worth of goods from retailers last financial year, and honest shoppers are footing the bill.

Shoplifters stole around $1.09 billion from Australian retailers during 2012/13, retail staff stole around $650 million from their employers, and supplier fraud and administrative errors cost retailers another $676 million.

Among the most frequently stolen goods were fashion accessories, footwear, lingerie and electronics like Apple products.

The numbers come from research commissioned by a maker of anti-theft products, Checkpoint Systems Australia.

It shows Australian consumers had been hit with an “honesty tax” of $290 per household, through having to pay higher prices to cover the costs of theft.

That placed Australians just behind US consumers, who had to pay around $296 per household to compensate for thefts, but ahead of the other 14 countries where research was conducted.