Australian Business reacts to Labour win

Skilled workers are a high priority for all

Australian Business reacts to Labour win

Albanese has only just been sworn in, but major business groups were quick to congratulate Australia’s 31st prime minister, also taking the opportunity let the new government know their business priorities moving forward.

For most businesses, the major concern is access to skilled labour. Fast-tracking immigration and the return of international students are key desires for many.

“The first priority must be ending the most acute labour and skill shortages in 48 years. Small businesses cannot afford for the next federal government to drag its heels on growing Australia’s workforce,” ACCI boss, Andrew McKellar told the Sydney Morning Herald.

Several large businesses including the Australian Retailers Association (ARA) have mirrored McKellar’s statement. “Business costs are increasing, while staff shortages and supply chain delays are continuing to bite,” Paul Zahra, CEO, ARA told Ragtrader.

The construction industry is behind Labour’s pledge to abolish the Australian Building and Construction Commission. Denita Wawn, chief executive of Master Builders Australia, told the Sydney Morning Herald, “unlawful industrial action by constructions unions was an entrenched and expensive problem.” She called for some form of dedicated construction industry watchdog.

Labors promise to create a $1 billion fund to invest in technology has left the technology industry delighted with the Labour government win.  “This fund will enable the tech sector to capitalise on this once in a generation opportunity to make Australia a global tech powerhouse,” said Tech Council chief executive Kate Pounder.

With a slowing global economy, rising cost of living, and the biggest interest rates rise to be seen in the last two decades it’s clear the incoming government has their work cut out for them.

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