The Albanese government will push for a minimum wage rise in line with inflation for a third straight year as the Business Council of Australia warned chief executives were struggling to compete for global investment, making it more difficult to reverse the nation’s decade of woeful productivity growth.
The Intergenerational Report released last year sounded the alarm on Australia’s long-term prospects, forecasting economic growth would slump from 3.1 per cent a year on average over the past 40 years “We have agency and we have choices. We don’t decide the conditions but we can shape them if we are smart,” he said., held under the Chatham House rule, the treasurer told business leaders that how Australia “attracts, absorbs and deploys investment” would be a “big question” for the federal budget in May.
“I could not begin to tell you how often I hear from CEOs the common point that they’re not quite sure if they have got free cash that Australia is the right place for them to invest,” he said. With Australia’s global competitiveness rankings plummeting in recent years, Mr Black also wants the Albanese government to launch a review into how to make the nation more competitive to investment, similar to the one conducted last year in the United Kingdom by Lord Richard Harrington.