APPEA CHIEF Executive Malcolm Roberts yesterday welcomed the Productivity Commission’s recognition that Australia’s existing workplace relations system poses risks for major resource projects.
“The Fair Work Act, as it stands, can make it impossible to deliver major resource projects on time and on budget,” Mr Roberts said.
“Union threats to disrupt the completion of Australia’s biggest resource project as part of a campaign for more generous rosters highlight the need for urgent reform.
THE PRODUCTIVITY Commission has stated in its draft report on Workplace Relations that while enterprise bargaining generally works well, it is often ill-suited to smaller enterprises and larger projects.
“Bargaining arrangements for greenfields agreements pose risks for large capital-intensive projects with urgent timelines. A limited menu of bargaining options would address the worst deficiencies, while taking account of the different nature of greenfields projects.”
Submissions to the report are open until September 18.
LOW INTEREST rates and the global oil price glut will spur a global economic recovery, according to one of the biggest bond firms, PIMCO.
The company’s economic advisor, Joachim Fels told investors overnight the combination of both will outweigh the pressures felt from the global savings glut, which is lingering from the 2008 GFC.
Fels said the oil price had helped “mitigate the depressing impact of the savings glut on consumer demand” and that consumers will reap the favourable conditions, which will then improve budgets.