Employers back IMF calls for more workplace reforms

News

Employers back IMF calls for more workplace reforms

The Australian Chamber of Commerce and Industry (ACCI), has called on all Australian governments and policy makers to support the findings of the International Monetary Fund (IMF) and continue economic reform in Australia, particularly in workplace relations.

WantToReadMore

Get unlimited access to all of our content.

The Australian Chamber of Commerce and Industry (ACCI), has called on all Australian governments and policy makers to support the findings of the International Monetary Fund (IMF) and continue economic reform in Australia, particularly in workplace relations. 

Peter Hendy, ACCI Chief Executive, said that in its latest report on Australia the IMF concludes that:  

‘There is now an exceptional opportunity to implement further reforms to sustain and improve Australia’s strong economic performance.  

‘In particular, employment and productivity can be improved by implementing proposed reforms of labour markets and welfare policies.’  

Productivity

Hendy said the IMF urged Australia to implement the reforms ‘to widen employment opportunities and raise productivity by enhancing flexibility in work arrangements.’ 

He said this approach is consistent with recommendations by the OECD and previous statements by the IMF. 

‘This statement should put to rest the absurd arguments that there is no economic case for reform, or that workplace reform does not boost productivity,’ Hendy said. 

He said Australia last made significant changes to its workplace laws in 1996 – nine years ago. 

‘Another round of workplace reform is required to boost economic performance and sustain the high living standards that past reforms have delivered,’ Hendy said. 

Other comments by IMF

He said the IMF report also: 

  • welcomes the tax reductions in the last two budgets;

  • supports reforms to increase infrastructure investment and encourage more efficient use, particularly by improving price signals for water, land transport, and electricity; and

  • finds that past reforms by both Labor and Coalition Governments have ‘yielded rapidly rising incomes through strong job creation and high productivity growth. Inflation has remained low and net public debt has been virtually eliminated-all in the context of an increasingly stable and resilient economy’. 

Hendy said these findings are consistent with ACCI’s policies and reform blueprints. 

Details

The full IMF report is available from their website.

Related

Federal IR changes 2005  

 

Post details