Australian retailers get boost from tax break for small business

Sydney

AUSTRALIA's hard-pressed retailers received a boost from the federal budget as investors scrambled on Wednesday to buy shares in the sector, counting on a surprise tax break to help small businesses spend more on office supplies.

In a budget designed to boost small firms and stimulate the country's limping economy, mining services companies also benefited from the announcement of a A$5 billion (S$5.35 billion) loan facility to promote infrastructure investments in remote northern Australia.

Major department store chain Myer Holdings Ltd was the top mover in the S&P/ASX 200 index in the first trading session following the release of the budget late on Tuesday, rising 8.1 per cent.…