We need to grow the size of the pie to help industries get back on their feet. We need more skilled Australians, more migrant workers and more people coming back into the workforce. Our the South Australian Business Chamber William Buck Survey of Business Expectations December quarter results told us that nearly three-quarters of South Australian businesses found it harder to source labour, and over three-quarters of small business operators are working extra hours to cover these staff shortages.
So, we need to see clear commitments from our national political leaders to deal with this skills shortage. What about reducing the barriers to older Australians bringing back their invaluable experience and skills as a much-needed boost to the workforce? Currently, the income-free threshold means their pension reduces if they make over $480 a fortnight. This reduction is a huge deterrent to those keen to remain in the workforce. It loses those willing to help alleviate stress for businesses struggling to find staff.
The Australian Chamber of Commerce and Industry (ACCI) shared a recent survey published in the Sydney Morning Herald where 61% of Australians indicated support for a plan for retirees to work unlimited hours and not lose any of their pension. Currently, only 2.9% of Australian pensioners work (Department of Social Services 2022). Many do not because they do not need to. Others do not want to. Many want or need to, though but are penalised within the current pension system. A survey by National Seniors revealed that 20 per cent would consider re-entering the workforce. Chief Advocate Ian Henschke says that more pensioners joining the workforce would be a ‘gamechanger for the Australian economy’.
This is just one of the policy positions in ACCI’s Back Australian Business Federal Election campaign to promote jobs, growth, skills, small business and sustainability. Over the coming weeks, there will be a lot to digest as Australians decide who will lead us at the federal level. As the peak body for employers here in South Australia, the South Australian Business Chamber is staunchly apolitical. So, whether it is Liberal or Labor voted in on 21 May 2022, we want to ensure our leaders will create the best business conditions.
We support the ACCI Back Australian Business campaign and will share more over the coming weeks. The South Australian Business Chamber encourages all South Australian business owners and employers to use their vote to support those who understand business needs. Find out more at www.backaustralianbusiness.com.au/
