2 publishers · first seen Thu, 29 Oct 2026 07:20 UTC · updated Thu, 29 Oct 2026 08:02 UTC
Wesfarmers chairman Michael Chaney has criticised federal and state governments for failing to deliver tax reform and boost productivity, citing high tax rates and declining competitiveness in his final address as chairman. He warned that without coordinated tax restructuring, investment would shift overseas, wages growth would slow, and public services would suffer, while also condemning populist policies on immigration for worsening skills shortages and harming key sectors.
Wesfarmers, the parent company of Bunnings and Big W, saw its shares drop 4.04 per cent to $74.02 amid slowing retail sales. Managing director Rob Scott attributed the challenges to ongoing cost pressures from inflation, rising interest rates, and supply-side disruptions linked to the Middle East conflict, affecting fuel, fertilisers, and shipping.
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