IR policy to compound interest rate pain for workers and families

07 November 2023

Today’s Reserve Bank decision to lift the cash rate to 4.35 per cent will add to the pressure already felt by families, workers and businesses right across Australia, and is yet another reason for the Government to stop the roll out of its radical, economy wide workplace relations changes, according to the Business Council.

“It’s critical to tame inflation, though we acknowledge the pain today’s decision will bring to many families, workers and businesses who will be hurt by an increase to interest rates,” BCA Chief Executive Bran Black said.

“Today’s RBA decision should be yet another reason for the Government to stop and consider the roll out of its complex and radical workplace relations policy.

“Given the significant gaps in the Government’s own assessment of the economic impact of its Bill, now is not the time to increase uncertainty with complicated policy that simply adds costs to businesses and makes casual work less dependable.

“We should be striving for a more productive economy and workforce, not making changes that will have the opposite effect.”


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