Wesfarmers Calls For Reform To Beat Oz Recession
Wesfarmers Chairman, Michael Chaney, has urged politicians to put aside their differences and focus on passing industrial relations and tax reform which could encourage economic recovery.
Disclosed in the company’s 2020 annual report, Chaney has called on politicians to remove barriers which would encourage commercial productivity e.g. a complex industrial relations system and “inefficient tax system.”
Chaney warns that the absence of such reform could trigger higher unemployment, deficits and higher interest rates.
Despite this, the company asserts it’s well-positioned for future periods and is backed by a robust management team.
The retail conglomerate – which owns outlets such as Bunnings, Target, Catch and Officeworks – hopes reform would facilitate more seamless investment, with the benefit of employing more people.
The company claims Australia’s business landscape is currently amidst its most challenging season in the last half-century.