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Will Scott Morrison's Co-ordination Commission work?

Posted by James Cagney on 26 March 2020

The Cororovirus pandemic has created chaos within the Australian economy. This has devastating to workers in the so called "non-essential" sector. In my last Blog post entitled "Protect your assets and reduce your debts" (Click HERE to access) I smashed the government and the authorities for their lack of economic foresight. We did have to act fast but their lack for ecomomic concern for their decisions was so evident.

Unfortunately politicians are not sufficiently business focused. I might have been harsh on them but I am amazed at there lack of business acumen. Frankly,they left it too late to get the business leaders, unions and economic advisers into the mix. We would have not had the knee jerk reaction that we have had with long queues outside Cent relink and the hording. 

Better late than never! However employment not hand-outs is now the priority. We trust Nev Power and other members of the business, community service and trade union communities, including Greg Combet, Catherine Tanner, Paul Little and David Thodey plus  figures from the not-for-profit and charity sectors to be added will get on with the business of creating new jobs.

We have a huge advantage in Australia in that we have hind-sight watching what has happened and is happening in Asia, Europe and the USA. Politicians and the new Commission should be taking more lessons from this. A strategy that has been working is the Wage Guarantee introduced by the Netherlands, Denmark, UK and New Zealand. This means that employers are guaranteed a payment fro government to keep people employed rather that having to let workers go and stand in line for a Cent relink hand-out. Businesses right now are focused at cutting costs and employees are the first to cut. If they were given a guarantee payment per staff member businesses would get creative as there are opportunities in the current market to exploit. Business owners have to think outside the normal business models. Those that succeed in doing this will be the wealthy in the future.

More announcements are due today to alleviate the stress of landlords are due to be announced today. Renters are going to buy food and other necessities first and landlords are not a top priority. Landlords will have to go cap in hand to the banks. This is not good for the property market and the construction industry. 

Multi-millionaire and motivation speaker Anthony Robbins said " "The quality of your life will be in direct proportion to the level of uncertainty you can comfortably live with.". There will be those who will take advantage of the current chaos.

James Cagney has been in business for over 40 years.He has the knowledge and experience to help home owners, entrepreneurs, business people and investors through tough times. For more information on what James Cagney can assist you to go to www.jamescagney.com.au or CLICK HERE.



Author: James Cagney
Tags: Will the Co-ordination Commission to ease job losses work?
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