Rising theft means we pay more

Australasian retailers lost $2.52 billion as a result of shoplifting, employee crimes and administrative errors in the year to June, research reveals.

A large study of the world's biggest retailers by Britain's Centre for Retail Research says shoppers on both sides of the Tasman are paying an additional $367 each year as a result of businesses increasing their prices to recoup the losses.

The research, conducted in conjunction with Checkpoint Systems, which provides labelling and stock loss prevention systems for retailers, says "shrinkage" - loss of products through employee theft, shoplifting and administrative mistakes - rose 6.6 per cent globally in the year to June to US$119 billion ($150 billion).   Full Read