Latest news with #economicreform
The Australian
a day ago
- Business
- The Australian
Chalmers fuels private sector fear of ‘protection racket' for unions
Anthony Albanese's economic reform roundtable is spiralling towards bitter acrimony between unions and business amid private sector concerns that the federal government is running a 'protection racket' for unions and devising policies that shield and expand their power. As unions use Labor's industrial relations laws to grow their influence across the economy and exert authority in the ballooning public service, business leaders erupted over union attacks on employers that were legitimised by Jim Chalmers on Friday. Ahead of attending the Prime Minister's roundtable next month, industry leaders representing the biggest employers, manufacturers, builders and small business rejected claims by ACTU secretary Sally McManus that 'poor management performance' by employers was among the 'most significant causes of slow productivity growth'. Business chiefs believe Mr Albanese's pledge to strike consensus positions on tax, productivity and growth reforms at the Canberra roundtable will be sabotaged by unions. Industry bosses said IR laws and regulations backed by trade unions were crippling employers and raised concerns about union demands around artificial intelligence, four-day working weeks, higher wages with no productivity offsets and abolishing the Productivity Commission. The Treasurer said on Friday: 'I think the ACTU should be able to make their views public. I think it's obvious that when it comes to decisions taken by managers and by boards and by others, obviously, that has implications for productivity.' Amid business warnings that Labor's IR laws are undermining productivity, The Australian can reveal Freedom of Information documents show former workplace relations minister Murray Watt, who shifted to the environment portfolio after the election, ignored advice from his then department against making a captain's call in appointing industrial relations expert Mark Bray to co-author an 'independent' statutory review into Labor's IR laws. FOI documents show that on three occasions between July and September last year, Senator Watt's office was cautioned by the department about not acting as 'the decision maker for the procurement process' and that doing so could carry 'probity and reputational concerns' and potentially breach commonwealth procurement rules. After the department failed through two procurement processes to find a university or research institute to lead the IR review, Senator Watt selected Alison Preston and Emeritus Professor Bray, who employers believed was not an impartial appointment given his previous commentary supporting unions and what they perceived as bias against business groups. In a fourth departmental brief to Senator Watt in September, Workplace Relations Department officials said it was 'likely that some stakeholders would disagree with Professor Bray's commentary or may raise concerns about the impartiality of his consideration of the issues for review'. After the draft Secure Jobs, Better Pay report was released in January, the ACTU praised the review for confirming 'Labor's IR reforms a success'. The final report was expected to be handed to government before March 31 but is yet to be tabled. Quizzed in a Senate hearing in February about who appointed the IR experts, Senator Watt said he would need to check but his 'recollection is that the two reviewers were recommended in some form, whether it be written or verbal … by the department'. On the same day, Workplace Relations Department first assistant secretary Jody Anderson said: 'They were chosen by the minister.' Workplace Relations Minister Amanda Rishworth said the review was undertaken by leading industrial relations experts, independent of government. 'The interim report found that the Secure Jobs, Better Pay reforms are, on the whole, achieving the Australian government's intent,' Ms Rishworth said. 'The final review report is set to be tabled by early September.' In April, The Australian revealed Senator Watt was informed by his department about 'impartiality' concerns regarding his appointment of Mining and Energy Union boss Tony Maher – a close friend of Mr Albanese – to chair Safe Work Australia. As some business figures who fear a repeat of the 2022 jobs and skills summit privately warn that the government is running a 'protection racket' for unions, Ai Group chief executive Innes Willox said the ACTU had engaged in 'yet another wild and baseless attack on all Australian employers (demonstrating) how detached from economic reality they really are'. 'Again they have chosen to mindlessly attack employers without suggesting anything meaningful to remove blockages to our lacklustre productivity performance which is costing workers thousands of dollars per year,' Mr Willox said. 'What the ACTU stubbornly refuses to recognise is that Australian employers are weighed down by ever-growing regulatory and compliance burdens which the ACTU has enthusiastically promoted over many decades. It is truly disturbing that all we have heard (from unions) in the lead-up to a productivity summit are calls for four-day weeks at the same pay, higher wages with no productivity offsets, a handbrake on the take-up of technology, the abolition of the Productivity Commission, and another mindless attack on employers.' Australian Chamber of Commerce and Industry acting chief executive David Alexander accused the ACTU of 'stooping to a new low with its generalised smear about Australian business managers'. 'Australia's industrial relations laws are some of the most complex in the world, a nightmare for employers to deal with, so it takes some gall from the ACTU to now run down Australian managers who have to deal with that problem,' Mr Alexander said. 'The unions blame everybody when it comes to low productivity because they don't want to admit that things such as the fair work laws that they've constantly argued for have created a one-size-fits-all restrictive working environment.' Council of Small Business Organisations Australia chair Matthew Addison said it would be disappointing if 'these discussions decline to a blame game rather than a development of positive possibilities for true economic reform'. 'Small business are inhibited by the multitudes of obligations and their limited capacity to comply,' Mr Addison said. 'Time and resources only stretch so far.' Business Council of Australia chief executive Bran Black said the ACTU attack was a 'distraction tactic by unions'. 'Suggesting Australia's productivity slump is due to bad management by businesses is misguided, untrue and just plain wrong,' Mr Black said. 'Our IR system is entirely out of balance and that's a major factor contributing to our poor productivity growth. 'Business is coming to this roundtable in good faith. Australian businesses know engaging with their workforce is essential to implementing change, but they're also crystal clear that our current IR framework is too restrictive.' Mining & Energy Environmental regulators have ordered NSW coal mines to dramatically cut emissions or face penalties, with fears the state will miss its climate targets. Politics The steelmaking giant will have access to rival proposals for the SA facility under a 'right of last offer', giving it a significant advantage over competitors.
Yahoo
4 days ago
- Business
- Yahoo
Argentina Reaches IMF Staff Agreement to Unlock $2 Billion
(Bloomberg) -- Leer en español Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Trump Administration Sues NYC Over Sanctuary City Policy Argentina reached an agreement with the International Monetary Fund staff on the first review of the country's $20 billion program, a vote of confidence for President Javier Milei ahead of midterm elections in October. Pending approval by its executive board, the IMF would disburse $2 billion to Argentina, according to a statement from the Washington lender Thursday evening. The executive board plans to meet before the end of July to vote on the first review, the IMF added. As part of the agreement, IMF staff praised how 'smoothly' Argentina's transition to lifting many capital and currency controls has gone, while noting they reached an understanding with government officials on 'continuing to enhance the clarity and functioning of the monetary framework,' among other goals. The country's dollar bonds rose across the curve on the news, with notes maturing in 2035 jumping almost 0.6 cents on dollar to trade above 65 cents, according to indicative pricing data compiled by Bloomberg. This marks the first review under the program granted to Milei's libertarian government in April, which made available an unusually large $12 billion chunk of the financing upfront. Under the agreement, Argentina has significantly relaxed currency and capital controls, which have been in place to varying degrees since 2019. The peso now floats in a target band and individuals can buy dollars without restrictions, while companies are allowed to send dividends earned this year abroad. However, companies are still restricted from buying dollars at the official exchange rate, while dividend payments from previous years remain trapped in the country. Through June, Argentina had struggled to build up foreign currency reserves since the start of the program as the government sought to prevent the peso from devaluing. It has mainly used bond sales and repurchase agreement with international banks to acquire reserves. In recent weeks, the Treasury has bought dollars to help build up central bank reserves due to its fiscal surplus. Argentina's economy is expected to grow 5% this year after contractions the past two years, according to the central bank's most recent survey of analysts. Monthly inflation in May cooled to its lowest level since the pandemic, only mildly accelerating in June. (Updates with dollar bond moves in fourth paragraph.) Burning Man Is Burning Through Cash Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Elon Musk's Empire Is Creaking Under the Strain of Elon Musk A Rebel Army Is Building a Rare-Earth Empire on China's Border ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Sky News
6 days ago
- Politics
- Sky News
Jeremy Corbyn and Zarah Sultana announce new political party
Jeremy Corbyn has joined forces with ex Labour MP Zarah Sultana to form a new political party. The former Labour leader - who earlier this month appeared to have been blindsided by the announcement of a new party by Ms Sultana - said it was "time for a new political party". In a post on X, he co-signed a statement with Ms Sultana, the independent MP for Coventry South, urging people to sign up at The statement read: "Our movement is made up of people of all faiths and none. The great dividers want you to think that the problems in our society are caused by migrants or refugees. They're not. "They are caused by an economic system that protects the interests of corporations and billionaires. It is ordinary people who create the wealth - and it is ordinary people who have the power to put it back where it belongs. "It's time for a new kind of political party. One that is rooted in our communities, trade unions and social movements. One that builds power in all regions and nations. One that belongs to you." The pair said there would be an inaugural conference where members would decide the party's "direction, the model of leadership and the policies that are needed to transform society".
Arab News
6 days ago
- Business
- Arab News
Egypt records 69.6% YoY rise in remittances
RIYADH: Remittances from Egyptians working abroad rose by 69.6 percent year on year between July and May of the 2024-25 fiscal period, reaching a record $32.8 billion, new figures showed. Data released by the country's central bank show that remittances in May increased 24.2 percent annually to reach about $3.4 billion, representing the highest level of inflows ever recorded in the fifth month of the year, according to a statement. The sharp increase underscores growing confidence among expatriates in the country's financial system and reflects a broader improvement in Egypt's external economic position. This improvement is also linked to recent measures to stabilize the exchange rate and promote formal remittance channels. These policies have contributed to Egypt's net international reserves rising to $48.5 billion at the end of May, up from $47.8 billion in March. In a statement, the central bank noted: 'Likewise, remittances increased during the period January/May 2025 by 59 percent YoY to record around $15.8 billion (compared to about $9.9 billion).' The rebound in remittance flows comes amid broader economic reforms pursued under an International Monetary Fund-backed stabilization program. These reforms have bolstered Egypt's foreign currency position and helped attract more international capital. In May, Prime Minister Mostafa Madbouly announced that Egypt recorded real gross domestic product growth of 3.9 percent during the first half of the fiscal year. Private sector investment surged by 80 percent, while foreign direct investment rose by around 17 percent. Inflation, however, remains a key challenge. The annual urban headline inflation rate accelerated to 16.8 percent in May, up from 13.9 percent in the previous month, mainly driven by continued pressure on non-food prices. These inflation trends come as Egypt's broader economic landscape continues to be shaped by both domestic and global pressures. The government is navigating a delicate recovery amid external shocks, ongoing structural reforms, and efforts to manage public debt. In February, Moody's affirmed Egypt's 'Caa1' long-term foreign and local currency ratings with a positive outlook, citing improved debt servicing capacity, higher reserves, and falling borrowing costs. The ratings agency noted that recent currency devaluation and flotation helped boost foreign exchange reserves and reduce debt vulnerabilities. While a 'Caa1' rating denotes high credit risk, the positive outlook reflects the government's efforts to control inflation and stabilize interest rates. Egypt's credit rating is much lower than that of its Middle East and North African neighbors, such as Saudi Arabia, which was ranked Aa3 with a stable outlook in November, and the UAE, which was rated Aa2 in the same month.
Bloomberg
6 days ago
- Politics
- Bloomberg
Ecuador Indigenous Union Vote Eases Anti-Government Stance
Ecuador's Indigenous union, CONAIE, is softening its confrontational stance following bursts of violent anti-government protests that diminished the group's political relevance. The umbrella organization elected a new leader this week, replacing hard-liner Leonidas Iza who led the harsh demonstrations against economic reform in 2019 and 2022. The outcome eases political tension with Ecuador's president, Daniel Noboa, whose market-friendly administration has been preoccupied with a security crisis.
