Wesfarmers: Chief executive Rob Scott reckons it is time for Chalmers to rev up the economic engine

[Pelican Press 0]

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Wesfarmers: Chief executive Rob Scott reckons it is time for Chalmers to rev up the economic engine

Wesfarmers boss Rob Scott has urged the Federal Labor Government to take advantage of a “once in a generation” chance to fire up *********** investment and wages.

Labor won a thumping victory in the election earlier this month and Treasurer Jim Chalmers quickly signalled the government would focus on improving productivity — boosting the value from each hour worked.

“Any change is hard politically,” Mr Scott told Sky News.

“The current Federal Labor Government has a very strong majority, there is almost a once in a generation opportunity for us to drive the type of long-term reform that is going to be in the national interest.”

He called on the Coalition to be bipartisan in supporting reforms, as it had in the 1980s and 90s.

That ******* included major tax reform and the floating of the *********** dollar, which helped the country adapt to global shocks.

Australia’s productivity cratered following a post-pandemic high in 2022 and each person’s slice of the economic pie — measured by GDP per capita — has shrunk.

That decline in productivity slowed wages growth and will lower living standards.

Economists and business bosses have called for the government to cut taxes, shred red tape and improve competition to fix the issues.

Mr Scott welcomed Dr Chalmers’ fresh focus on productivity but warned there were plenty of barriers to investing in Australia.

“The things that are going to actually create sustainable wage growth in the future . . . are going to be the things that are going to improve productivity,” he told Sky News.

Australia was competing globally, he said, yet it was hard to get major projects up and running.

That comes as Perth-based Wesfarmers develops investments into Western Australia’s lithium and chemical sectors, led by the Covalent Lithium refinery in Kwinana.

Mr Scott also knocked back criticism of the Bunnings division’s treatment of suppliers, claiming reports of anti-competitive conduct were isolated incidents.

“Someone has to be there for the customer,” he said.

“We’re fighting tooth and nail against big and fierce international competitors.”

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