POLITICS: Argument Over Industrial Relations Bill Heats Up

The federal government is determined to pass its industrial relations bill in the two weeks before parliament breaks but it is struggling to get it through the senate. The fight between business and the government on this issue is intensifying, as concern grows that it will cost jobs, reduce productivity and close businesses, while PM Albanese says that the unease over the legislation is an overreaction.

• Industry groups are saying that the bill will increase costs which will then be passed on putting further pressure on the RBA to tighten. (SMH)
• Business groups have been united in strongly voicing their concerns at the multi-employer bargaining part of the legislation and increased risk of broader strike action. The mining industry is warning that the changes and new taxes could cost up to 33k jobs and risk investment, including the government’s energy transition projects. (The Australian)
• There is a lot of concern that the changes will be particularly hard on small businesses, as they will not have the flexibility to pay the wages that fit their circumstances but will have to pay the same as their larger counterparts.
• The legislation has passed the lower house of parliament but needs cross-bench support in the senate. The government is arguing that it is needed to boost wage growth, which rose 3.1% y/y in Q3. It is prepared to add additional sitting days to get it through before the break, according to The Australian.
• The senate inquiry into the bill reports on Tuesday.