Graham Bradley says the economy is on the “cliff edge of recession”, John Mullen rates a recession a 50:50 chance and Tony Shepherd says the “resources sector won’t save us this time”.
Directors from major companies including Telstra, NAB and Coles warn a recession might be inevitable but say that avoiding government giveaways and wasteful spending and lifting productivity would lessen its severity.
Jacqueline Chow, who is a director of Coles, Charter Hall and NIB, is among directors more concerned about a recession than earlier this year.“The economy is poised precariously on the cliff edge of recession driven by falling consumer spending, escalating energy bills and mortgage payments, by continued skills shortages and regulatory-driven delays on major new projects, particularly in the resources sector, resulting from ambiguous federal government policies,” Mr Bradley said.
“I have seen a number of economists now say it is their base case. However, some say it could be a mild recession,” she said. “The economy and consumers are showing more resilience than expected and customers are changing spending to manage interest rate and cost pressures,” she said. “I think the challenge is that the impact of the rate rises hasn’t really hit the economy fully. The strength of the labour market may be our cushion.”Fair Work Commission increased by 5.75 per cent this month“I don’t think it was sustainable to have wages lagging GDP growth for so long in such critical sectors as health and education.
“The changes to our labour laws are misguided and will reduce productivity and add cost and stress to an already struggling economy.”on the issue, which include prioritising and incentivising efficient economic infrastructure; innovation; education; training and skills; skilled migration and adoption of productivity-enhancing technologies.
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