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Watch ACCI CEO on Australia's Economy, Jobs - Bloomberg

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00:00What is the priority going into this summit and what do you think really desperately needs to be addressed. The labor market. Well thank you Heidi. Great to be with you. Look I I think we have a number of pressures facing the Australian economy at the moment some short term pressures. And then I think there are some longer term priorities in the short term. The number one issue is the labor and skills shortages that we face. We are at or beyond full employment. We need solutions and we need them quickly. In the longer term we've got to get productivity going again and be able to link wage growth back into productivity. We've actually seen a suggestion to raise the salary floor for skilled migrants coming into Australia to 90000. We saw Singapore just launching this five year visa for basically anyone who's earning above 30000 Singapore a month. Do you think the lower is going to be better and what does that mean for migration. Look I think what it clearly illustrates is that Australia like many countries we are in an intense competition for skilled labor. We're seeing the same sort of thing. We've seen Canada being very proactive. We're seeing the UK being very strong trying to get people in. They know that they're competing for skills and now Singapore doing the same. So we really have to reduce the red tape. We have to make it much easier for business to access those skilled migrants and give them a pathway to get here encourage them to come to Australia. Otherwise that's not going to happen. Do we need to have more enticing policies or risk missing out. Oh absolutely not. We absolutely need to make it much more attractive. We're in an intense global competition for talent and that's the only way that we are going to maintain our position. Andrew I was curious because this makes so much sense. Who is against this. Who are you trying to convince. Well look I think we're hearing from all sides that they understand the problem. So we're hearing it from unions. I think the government now is well on board with this Kathleen. But look I think that the key question here is you know what. What are the rules that go with it. And we're saying we should make it easier. I think the concern we have when we talk to the trade union movement is they want to put more conditions on. And I think that's just that would be the wrong step more broadly because the RBA Reserve Bank of Australia. So investors are watching wages in Australia so carefully how much they're going to rise how much they're going to push the hand of the RBA towards more rate hikes. Broadly from your perspective what 160000 associations that are part of your organisation what are you hearing. What are you seeing. Well look I think there's there's undoubtedly I mean wages in Australia have been low for a number of years. We've been operating in a low inflation low productivity environment. We're seeing inflation pushing up above 6 per cent now. Wages remain quite modest between 2 and 3 per cent. It is going to increase with that market pressure. We can't afford to chase after the inflation numbers that we're seeing at the moment. That would be a big mistake. But what we have to do if we're going to have higher wages. We've got to really reinvigorate productivity growth in Australia. That means we've got to make enterprise bargaining work again. The government has a responsibility but as you say businesses have a responsibility to make their own investment is the problem also when they make their own investments and then they let go of those workers as we've seen across aviation. Well look I think here the overall picture. We've got to keep that in mind. And at the moment the Australian labor market where we're at or beyond full employment. So I think there is intense competition for labor. We've still got very strong demand in the economy. So I don't think we're at a position where we where we face that that sort of problem of letting people go. I think we're in the opposite situation. That's the sort of I guess some would say you know short term decision that was made. Yeah not. That's right. And I think the amazing thing is we've come through that pandemic and we haven't incurred that same sort of damage that we've had in past crises. So look we've got to take advantage of that now. And really what that means is we've got to focus on the supply side of the economy. That's where the focus of policy I think is going to have to be. So beyond the skills shortage. What's the biggest challenge and pressure for the businesses that you represent to them. That isn't rising rates is it. Rising costs. Absolutely. Costs energy. So access to reliable secure sustainable and affordable energy supply. We've seen some real difficulties with that in electricity and gas in recent months. So I think getting that investment in place. I think that's a long term challenge making sure that our infrastructure is productive at ports. So I think all of that feeds into a longer term narrative if we're going to get or maintain and increase the strength of the Australian economy in the next few years.

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ACCI CEO on Australia's Economy, Jobs

Andrew McKellar, CEO at the Australian Chamber of Commerce and Industry, discusses his outlook for the country's economy and labor market. He speaks with Haidi Stroud-Watts and Kathleen Hays on "Bloomberg Daybreak: Australia". (Source: Bloomberg)

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