Labor in power: Big business braces for the Albanese era | clancyyeates NickToscano1 domp
and the cost of living rising sharply, businesses face demands for higher wages from their staff. Albanese has backed a 5.1 per cent pay rise in line with inflation for those on the minimum wage, but this is opposed by employer groups, and it remains to be seen how wages across the wider economy will respond to higher inflation.
But the shorter-term response many business leaders want is more migration - an issue that didn’t really feature in the campaign.Simon Schluter “To drive faster and more sustainable growth, we must be able to rapidly train and reskill people for new jobs as they emerge, foster higher participation rates and encourage greater numbers of women to not just work but pursue careers,” Comyn says.Closely related to skills is the question of wages, which are failing to keep up with high inflation, therefore sending “real” wages backwards.
In any case, market economists such as AMP Capital’s Dr Shane Oliver say a Labor government won’t make a significant difference to overall wages growth in the economy. Oliver says fewer than 200,000 workers receive the minimum wage, and like many economists, he didn’t change his forecasts for economic growth, inflation, wages or interest rates after the election result.
“So I think that having a very focused and definite framework for what climate action is going to look like in this country is absolutely crucial, and I’m hoping that that’s what the incoming government is actually going to prioritise.” AGL managing director Graeme Hunt says the utilities giant “shares the ambition for decisive action on climate, while ensuring affordable energy, and looks forward to working with the Albanese government to achieve this”.Among the financial sector, which is eyeing off a massive green investment boom, leaders are also keen for Albanese to lock in greater clarity on how Australia will achieve its “net zero” ambitions.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Labor a seat away from majority as Tasmanian seat of Lyons called for Brian MitchellLabor's Brian Mitchell will win the Tasmanian seat of Lyons, ABC chief election analyst Antony Green says, bringing federal Labor's total seats to 75, one short of a majority.
Read more »
Households and small businesses facing rising electricity costs, Labor blames 'nine years of Liberal denial'Households and businesses are set to pay more for their electricity as wholesale costs for retailers rise, but the energy market regulator is urging people to shop around for the best deal.
Read more »
Labor edges towards majority government, as Scott Morrison returns to being a 'quiet Australian'At least 76 seats are required for a government to have a majority in the 151-seat House of Representatives. AnthonyAlbanese ScottMorrison auspol
Read more »
‘Not Labor-lite’: Dutton outlines Liberal vision under his leadershipPeter Dutton has declared the Liberal Party under his leadership will not be “Labor-lite” and says he will seek to create clear “points of difference” with the Albanese Government.
Read more »
‘It’s almost a revolution’: What Labor means for renewables investmentExpectations for investment in renewable energy must be tempered with reality. Setting carbon-reduction targets is easy. Delivering them is difficult.
Read more »
Labor must embrace ‘bottom-up’ politics or risk teal rout: LawrenceFormer WA premier Carmen Lawrence has warned Labor to heed the lessons of the swing against the Coalition, saying people are sick of “top-down” politics.
Read more »