Author: Staff Writer

‘Worst retail environment ever’: Textile Traders moves online

Textile Traders, the fabric and sewing business that has been a household name in Western Australia for more than three decades, is closing its bricks and mortar locations, blaming the “worst retail environment the business has experienced”. “The decision has been made to exit the retail stores and move to an online retail model. A full retail store closure is aimed for August 2018 and Textile Traders will work with landlords to exit these premises,” the company said in a statement.   [embedded content] “The family-owned business has 11 WA stores, a national online website and employs about 70...

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RBA governor rules out interest rate hikes until wages rise

The Reserve Bank governor has dismissed any chance of a rate hike any time soon, after a week of financial turmoil sparked by fears of rapidly rising inflation and interest rates in the United States. Philip Lowe said the recent market volatility would not have any impact on the growth outlook for Australia, which remains at “a bit above 3 per cent over the next couple of years”. But he also intensified his calls for higher wages to help boost the Australian economy. Dr Lowe told a room of leading business figures that although “it is likely that the...

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Teachers, paramedics eye crack in ‘unfair, discriminatory’ salary cap after train offer

NSW public servants are seeing an opportunity to overturn the long-running pay-rise cap on salaries as the Government gives rail workers a better offer. Last night, the Rail Tram and Bus Union (RTBU) was offered a deal, including a 3 per cent annual pay rise over three years, to take to their members to consider. The RTBU’s memo to its members said the offer amounted to 4 per cent per year increase when benefits including travel passes and a $1,000 one-off sign-on bonus were taken into account. This blows open a public service cap on pay rises at 2.5...

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Big business rejects Japanese model of linking corporate tax cuts to guaranteed wage rises

The Turnbull government wants to cut the corporate tax rate from 30 per cent to 25 per cent across the board but so the Senate has only agreed to cut the rate for businesses with a yearly turnover of up to $50 million. Labor is staunchly opposed to the plan, which the Turnbull government hopes will restore its political fortunes while also stimulating the economy. If the government’s package was to somehow guarantee wages growth it could potentially shift the votes of some on the Senate crossbench. It could also help win over the public, which polling shows is...

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Labor devising Queensland ‘rescue’ package ahead of likely decision to reject Adani

“Don’t send missives off 2000 kilometres away from where this mine is [proposed], telling us all we can’t have jobs, we can’t have economic opportunity”. Labor appears set to oppose the project, but it is understood there is broad concern among MPs about how to assuage Queensland constituents concerned about high unemployment. A senior Labor source told Fairfax Media that Labor was “developing a plan for central and North Queensland [to support] their economic future”. Another Labor source said the plan had been in development for some time. “I certainly think there is a thirst out there for people...

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