Business chiefs confront PM for taking economy ‘backwards’

The nation’s business chiefs will confront Prime Minister Anthony Albanese over economic policy by warning Australia is sliding backwards because federal workplace rules are hurting employers, building corporate pressure on the government to change course before the election.

The business council will step up its warnings on the key election issue at its annual dinner for corporate chiefs on Tuesday night, with Albanese and Treasurer Jim Chalmers in the audience. Labor gained strong support from the union movement to bring in the multi-employer bargaining regime after the last election, raising industry fears that a single union could force the same wage deal on many different employers within the same sector.

Labor is defending its handling of the economy after growth fell to just 0.2 per cent in the June quarter, taking the annual rate down to 1 per cent – the weakest performance since the 1991 recession, apart from the pandemic.by the middle of next year, according to Reserve Bank forecasts, after steadily increasing from 3.5 per cent in the middle of last year.

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