Business leaders angrily push back against Treasurer on investments

and share buybacks and instead focus on long-term growth, Mike Kane, chief executive of concrete giant Boral, said the company did not "wait for direction from politicians on making business decisions".

On the back of a better-than-expected profit, Fortescue declared a fully franked 24¢ final dividend, bringing total dividend payments for the financial year to $1.14 a share, a 396 per cent increase on the previous year. "Shareholders have a right to expect some sort of yield from their investment and that yield helps stimulate the economy ... as part of consumer spending in Australia."Despite the bumper dividend announcement, Ms Gaines said Fortescue had announced two major projects in the past 18 months – Eliwana and Iron Bridge – "totalling $US3.75 billion, creating 5000 jobs during construction and 14,000 jobs once operating".

Thats why as a politician you should never try and carry favor with the business community, they're just like drug addicts, their greed is insatiable. auspol

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Treasurer calls on business to pump profits back into economy | Sky News AustraliaShareholders are surprised by a call from Treasurer Josh Frydenberg for big business to pump their profits back into the economy.\n\nMr Frydenberg used a major speech to the Business Council of Australia on Monday to call on corporate Australia to do more to kickstart productivity by winding back share buybacks.\n\nMr Frydenberg said raising productivity by 0.4 per cent over the next decade would grow the economy by $70 billion and result in a $3,000 pay rise for workers. \n\nMr Frydenberg said “our productivity growth over the last decade has slowed and we cannot rely on high commodity prices to boost national income.” \n\n“What is in our control is our ability to influence productivity with the right policy settings and business practices. \n\n“Should we get our average annual productivity growth from 1.1 per cent back to 1.5 per cent, then annual incomes per person will be over $3000 higher by the end of the decade. \n\n“GDP growth and real wages will also be four per cent higher and the economy $70 billion bigger overall. That is a lot to play for.”\n\nLabor has been critical of the treasurer’s strategy, with Shadow Treasurer Jim Chalmers accusing the government of deflecting blame for slow economic growth. \n\n“Today we’ve seen from Josh Frydenberg yet another speech which is long on finger pointing and short of a plan,” he said. \n\n'Just telling business they need to invest more is not an economic policy.' \n\nImage: News Corp Australia
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