Traders Are Troublemakers

Before any member of the management team starts nodding their head, or any trader accuses me of trader-bashing, let me explain.

“Entrepreneurship is the last refuge of the trouble-making individual” is a quote by Natalie Clifford Barney who was an American playwright, poet, and novelist, and an influential feminist. Traders can understand what her quote is trying to say.

Entrepreneurs love the freedom of carving their own future, making their own decisions, and often avoiding or countering the impositions of society, community frameworks, and worst of all corporate or state structures. That trouble-making or rebelliousness is part of the creativity that drives customer engagement and progress in a small business environment.

The problem is that a renewal program does impede that creativity as traders are forced to do a very uncomfortable thing - they are expected to wait while business is disrupted and things are put in order. Traders will always look for ways to minimise that disruption which was the main driver behind the alternative proposal recently put up by the anti-renewal group. Unfortunately it meant relegating parkland to the top of a building and didn't adequately address OH&S concerns for Fruit & Vegetable traders.

But the latest proposal from the QVM renewal team could be good news. The renewal team is currently considering a proposal to reduce the footprint of the underground construction. They are looking at continued operation of the A,B,C, and D shed areas adjacent to Queen St. while they dig deeper at the Peel St. end. This would ensure that the retail “feel” along Queen St. and around the temporary pavilion will be retained during the period of construction. More will be revealed at a Trader information session on Thursday 24th August. (details here)

Continued business operation could be the winner in this move.

By Greg Smith (Trouble-maker)

Have Your Say - click here.

Heard Under The Sheds – 13/8/2017

More Management Departures – a rumour that another of our key marketing staff has resigned.

Chaos In F1 – our article this week has drawn comments from a number of traders about the difficulty of getting assistance. But perhaps one of the best suggestions came from one of our Category Managers – “When in difficulty call your Category Manager”. Their mobile numbers are located in the right hand margin of this page.

Alternative Renewal Option – the proposal from Friends of the Market, Phil Cleary, and others will be rightly discussed over coming days but a common question from traders is “where do customers park if the current car park is to be built on?

Dark Humour - a funny but depressing question from one of our long term traders who asked to see the graphics for the new pavilion and then asked – “Where do the coffins go?”

Early Leaver - one of our new casuals surprised her neighbours by packing at 2:00 pm on Friday.

Traders Departing is not the only shrinkage under the sheds with one trader reporting that one of his neighbours had halved the size of his stall while another had given up Thursday trading entirely. It is called “adjusting to business realities.”

Those Looking For Alternative Income should note that Guru Pete’s racing tip this weekend paid $9.50 for a place. Only joking - the horse did pay $9.50 but the last thing we want to suggest is that gambling is an income option.

Have Your Say – click here.

Renewal Update – Thursday 24th August

Renewal Update – Thursday 24^th August

This trader session has been described as an important update on the renewal program including the below-ground operational area. The Renewal Team will be in attendance and a Q&A session will be part of proceedings.

The session will take place in the Engagement Hub at 452 Queen St. after the market on Thursday 24^th August at 3:30pm. You can RSVP below or by contacting your Category Manager.

Articles Worth Reading

We didn’t get to report on these articles during the week but they definitely have interesting content –

Commsec Retail Report – reported by the ABC with some good stuff about changing spending habits by Australian consumers. http://www.abc.net.au/news/2017-08-07/retail-spending-and-construction-surges/8782794

An interesting Article about Retail Vacancy Rates - http://www.smh.com.au/business/property/retail-vacancy-rates-hurtling-towards-gfc-levels-20170809-gxsey3.html

A report on Consumer Sentiment in Australia - https://www.businessinsider.com.au/consumer-confidence-falling-australia-2017-8

Waffle House – the most under-estimated take away chain in the US. - https://www.businessinsider.com.au/waffle-house-review-2017-7?r=US&IR=T#/#waffle-house-was-founded-in-1955-by-tom-forkner-and-joe-rogers-in-atlanta-georgia-today-the-chain-has-over-1800-locations-in-25-states-as-with-most-waffle-houses-the-outside-appearance-wasnt-much-to-look-at-but-we-were-more-interested-in-whats-inside-1

Latest Retail News – 6/8/2017

Latest Retail News – 6/8/2017
1. Australia’s peak food and grocery organisation says retail showing signs of improvement.
2. Healthy fast food chain, Olivers, says it will not reach profit forecast.
3. Kathmandu improves profit on strong winter trading.
4. Aldi to sponsor Hell’s Kitchen TV show.
5. David Jones launches new food concept in Bondi Junction including own brands.
6. Amazon appoints one of its top German executives to run Australian operations.
7. Greensborough Plaza to launch expanded fresh food offer in new strategy.
8. Economic advisory firm, BOE, says retail demand will remain sluggish for next 3 years.
9. Ralph Lauren returns to profit on back of cost cutting and stock control.
10. Adidas reports 66% jump in e-commerce sales.
11. Uniqlo launches airport vending machines for basic clothing items.
12. Officeworks wins Australian Retailer of the Year Award.
13. Nick Scali reports record profit but warns 2018 will be tough.
14. Telstra and Vita Group sign up for store expansion.
15. Gucci America takes Forever 21 to court over trademark clothing styles.
16. Unilever buys Australian ice-cream maker, Weis.

Are Market Traders Replaceable?

Artificial Intelligence (AI) is a bit of a mystery to most but “robots are pinching your jobs” has universal understanding and there is a big debate going on right now about who is at risk.

Taxi Drivers come to mind as jobs that are going to be severely impacted by driverless cars, and with all major car makers working on such vehicles, the threat is real.

So which jobs are more at risk from modern technology and AI than others? In fact let's cut to the chase and look at the most important role in the world (at least at QVM) which is a Market Trader.

The ABC has compiled an “at risk” assessment for common job categories and we looked up Shop Manager. The risk of Shop Managers being replaced by robots is -

Have Your Say - click here.

The Ebb And Flow of Retail Leases

There are at least two traders at QVM who are keen to sign up to multi year leases, maybe 5*5*5, and want to know why QVM won’t accomodate them. While outside the market there are retailers desperately looking for short term leases and apparently landlords happy to accommodate them.

A recent article in the Age identified the reason for lower vacancy rates on Melbourne’s High Street, Armadale, shopping strip because landlords were prepared to accommodate flexible leasing arrangements including leasing terms as short as two years. Retailers there said they were grateful for the opportunity to avoid punitive long term leases in an uncertain retail market.

Another newspaper article has identified retail vacancy rates in shopping centres as the highest since the GFC and report that centre owners are happy to look at lower rents and more flexible terms.

QVM’s situation is quite different. QVM would probably be quite happy to sign up to longer leases if it wasn't for a little thing called a renewal. Renewal means construction and change with all the uncertainty that goes along with that. It is difficult to guarantee location when construction or change may gobble up a stall or shop. It seems strange that leases can't be signed without defining particular locations although maybe it is location that these traders are trying to protect.

In the meantime QVM have stated that they will restart lease and license discussions which is a good thing even though renewal is likely to put a cap on long term arrangements.

Have Your Say - click here.

Simplifying Market Issues

You know when you have a discussion with a respected colleague and you walk away thinking – “Did we just turn on a light with that discussion?”

We started talking about the number of experts that exist at our market. There are a staggering number of people at QVM with opinions and we agreed that we are all as bad as each other. It seems to come with the territory. When you are a small business operator you need to have opinions and you need to make decisions, sometimes when you know you don’t have all the facts or the expertise. And sometimes there is just too much to consider. How do we simplify?

QVM Renewal is incredibly complex for many reasons but I walked away from this particular  discussion with these key points –
1. There are “so-called experts” and “real experts”. The “real experts” are trained and paid to consider all aspects of an issue and come up with the best solution. The “so-called experts” can often add important ingredients to a discussion and most “real experts” welcome their contribution, but in the end we need to be “real”.
2. There is only one person that we all answer to – the customer. Lose sight of what will excite our customers and you may as well pack your bags right now.
3. Traders need assistance. QVM is not a charity but modern corporate responsibilities include social responsibilities. Many traders are on a precipice right now. Some have been here for many years and know no other way of earning a living. So for traders on the precipice –
   a. Do we led them fall off ? – Obviously totally unacceptable.
   b. Do we provide them with a mattress for a soft landing or a ladder to descend or climb to another level. 
   c. Perhaps a parachute or glider to soar to new heights.

These are just word pictures. Don’t ask me to define exactly what this assistance might be, but we need to start having the conversations that will identify things like business counselling, career alternatives, rent relief, new opportunities and so on.

There is a lot more to write about but we need to keep this simple – does that help?

Have Your Say – click here.

COMMENTS:
14/08/2017 09:17:30 Simplifying Market issues "Who are you referring to in regards to the real experts?
No one i can think of in Management is qualified or has experience in a huge Market renewal program.
Do they know who are customers are now or will be in the future?
Traders have been asking Management for more Retail experienced staff and our C.E.O. lasted 14 months.
Succesful traders know who their customers are and what they require & expect.(qualified by experience).

Yes we all have opinions all of which will effect the traders future."

You raise some great questions and if you don't mind I will give a view on each matter you raise-
"Who are you referring to in regards to the real experts? - I am particularly referring to the design process and the expertise of the CoM design team. We have an alternative car park proposal before us right now and I can see what is driving some aspects of that plan but with the greatest of respect to the proposers, an experienced design team overlooking the needs of all QVM participants has my vote.
"No one i can think of in Management is qualified or has experience in a huge Market renewal program." - Huge market renewals are certainly very rare and both traders and management are heading into un-chartered waters.We are hoping that a combination of traders and management, backed by specialist expertise in areas like marketing and retail design will provide the best way forward. 
"Do they know who are customers are now or will be in the future?" - Actually, they probably do. There is an immense amount of data on shoppers and shopping habits. We are all privy to research about how consumers have changed their buying habits, restructured their discretionary spending in particular, and are looking for new convenient ways of shopping (after they have paid for rent, mortgages, power etc.). Let's not forget that management have nailed the night market customer mix. The day market is a lot harder.
"Traders have been asking Management for more Retail experienced staff and our C.E.O. lasted 14 months. " - Yes, I am on that bandwagon. We need high level retail expertise in our management team, particularly in creative marketing and customer engagement.
"Successful traders know who their customers are and what they require & expect.(qualified by experience)."  - Successful traders probably do know what their customers need but at the moment very few traders can be described as successful. There is probably only a handful in the top end. Most traders are at a loss to decide on the right course of action. The incredible changes in consumer attitudes and responses means that experience counts for little. Willingness to change and adapt is probably now more important.
"Yes we all have opinions all of which will effect the traders future." - You are correct, there are plenty of opinions. Opinions are easy. It is sifting through those opinions to find what will be best for our market that is hard. Opinions based on self interest, or lacking real, un- biased examination don't count.. Traders have a huge amount to offer in all these issues but no one alone is going to succeed and there is a strong case for saying that Traders and Management working together, and assisted by specialists, is the best course in an uncertain future. 

Thanks again for your contribution and apologies for such a long winded response - Ed.

Alternative Renewal Option Gets A Makeover

The group that has campaigned against market renewal plans has come up with its own version of what is best for QVM. The proposal to build a multi-level car park over the current car park has been raised before but this time some professionalism has been added with the assistance of architect John McNabb and concept drawings that give us an idea of how things might look.

The proposal is apparently designed as an alternative to CoM plans to transfer the current car park to the basement of the Munro Building and put facilities underground at A,B,C, and D Sheds. Proponents of the alternative, led by Phil Cleary, claim that their proposition will remove the need for destructive excavation.

Consideration of the proposal and whether it will meet the needs of our market will be the subject of public meetings and further discussion.

Have Your Say – click here.

Keeping the Market Feel

Much of the criticism of QVM’s renewal plans concerns the fear of heritage loss. Indeed the latest alternative to council plans involves a solution that avoids taking down heritage sheds in A,B, and C in case they are either damaged or otherwise compromised. Balancing "heritage" and modern shopping reality has been an issue right through this debate.

The author of the business case document on QVM renewal made a very good point. QVM is in danger of becoming a tourist curiosity if we don't address modern customer and trader needs. As one of our traders said - “Curiosity doesn't pay bills”.

We need to address consumer needs at QVM while keeping the unique market ingredients that differentiates us from the alternatives. But we dare not get in the way of customer convenience whatever we do. When it comes to the crunch, that special market feel is no substitute for convenient affordable shopping. Retaining aspects of our antiquated ways, like our heritage buildings, makes sense as long as we fix the bits that need fixing, like forcing customers, vehicles, and waste to share the same space.

Of course the alternative car park proposal is not just driven by protecting heritage buildings. It also about avoiding lengthy disruption to trading areas caused by digging a big hole under A,B,C and D sheds. It is not yet clear what impact that alternative proposal will have on customer parking. The official renewal proposal involves construction of a new car park under the Munro’s building before the current car park is transformed into a park. It is not clear where cars will go if there was to be construction on top of the current car park.

“Heritage” and “market feel” are subjective terms with no shortage of varying opinions. Building over graveyards in the current car park is probably not a big issue for most market traders although the population at large seems to feel differently. OH&S is a big issue, particularly for management who are responsible for smooth market operations. Modern standards require trucks, forklifts and piles of rubbish out of sight and away from customers. Those ingredients may add to the market's “grittiness” but many argue that ultimately the produce itself is king. How we service that produce has to be convenient and cost effective for traders but essentially it is just a distraction for customers.

This is a complex debate and the grand old lady deserves consideration of all worthwhile options. The latest car park proposal deserves consideration. However, we don't want to waste too much time before moving forward. There is no shortage of “expert opinion” at QVM.

By Greg Smith

QVM In The News - 13/8/2017

	NEWS
	Queen Victoria Market redevelopment opponents unveil their own plan Herald Sun A ROOFTOP park and a 1100-seat amphtitheatre are part of a bold alternative for the Queen Victoria Market redevelopment put forward by opponents ... Queen Victoria Market: friends group launches its alternative to council plan - The Age Full Coverage Flag as irrelevant
	6 must-visit Melbourne markets to mark on your calendar The Weekly Review 6 must-visit Melbourne markets to mark on your calendar ... There are only three weeks left to enjoy the Queen Victoria Market's winter night market. Flag as irrelevant
	Green light for Vic Market CDB News (registration) The planning controls that deal with the upgrade of the Queen Victoria Market have now been approved by Planning Minister Richard Wynne. The City ...

WEB
	Queen Victoria Market Ultimate Foodie Tour Klook Join in the Ultimate Foodie Tour at Queen Victoria Market in Melbourne and get ready to satisfy your culinary cravings. Book with Klook and save!

	NEWS
	7 developments that will change the face of Melbourne by 2027 Time Out Melbourne (blog) Given that it sits smack bang in the middle of this region, the Queen Victoria Market has to be a part of these developments. In July this year, the ...

Chaos In F1?

We are talking here about customer service at the QVM information office on Queen St. and there appear to be problems.

Shop 1 in F Shed is the go-to place for customers, usually looking for directions, and of course traders themselves who can have a variety of operational issues needing attention. We have been receiving complaints over recent months about the service, or more correctly lack of service, from staff at F1.

Traders have been complaining that F1 staff do not seem to know how to accept rent payments, how to record leave arrangements, or how to handle a variety of “simple” market matters.

We have one trader who had to wait while the counter staff took lengthy notes about their issue because they didn't know how to refer to the correct office staff. One customer was advised to walk around the market looking for a particular trader because the staff didn't know how to look up traders on the system. Recently our interim CEO was attempting to assist F1 staff who didn't know how to accept rent payments.

Hopefully these are isolated cases. As far as we can tell, they are caused by staff who simply don't have sufficient knowledge. They are no doubt competent customer service people but without a little QVM knowledge, or at least a sound backup system, it would appear that the customer service function is struggling and needs attention. At least one trader has written formally to management seeking a solution.

NOTE: Some complaints about F1 concern the issuing of receipts for rent payments and we should make it clear once again that rent receipts are NOT issued at F1. If you need to pay by cheque in person at F1 your receipt is the entry on your bank statement when the cheque is finally cleared. In this instance, F1 is simply acting like a post box and passing the cheques on to the QVM accounts staff. There are a number of alternative ways of paying rent that give immediate receipts but none of them can be carried out at F1.

Have Your Say - click here.

Heard Under The Sheds – 6/8/2017

Trader Departures – news has come through that one of our prominent sports shoes traders has given up his SL license and is considering the future of his PE stall. Also another one of our clothing traders has indicated he will be winding up his business soon.

Night Market First Impressions – one of our traders attended the Winter Night market for the first time this week and was amazed at how the wonderful the old building looked. He trades in the JKL precinct during the day but said that the night time lighting, and the lack of blockout displays really made a feature of the wonderful old architecture.

Guru Pete – has responded to the article last week showing his look alike in an Aldi ad for meat pies. Pete says he will grow a beard and say “Not bad” if it means free meat pies.

Anti-Renewal Petition – the sight of one of the box hire staff handing out anti-renewal leaflets in the market led one trader to say it was time that negative response was put to bed and we got on with change.

Return To The Past – a new trader in C Shed had his stock sitting on one of the old slatted tables supported by two timber trestles – no cloth and no merchandising material. Either he was unprepared or simply drawing on market tradition for his display. 

Have Your Say - click here.

COMMENTS:
07/08/2017 13:56:47 Daytime stall blockouts "Have always maintained that blocking of stalls in the day market  is both visually detrimental and perhaps has an  affect on sales, I am a long term trader and believe that you should be able to see through  each shed  in its entirety."
It has been suggested that the removal of blockout displays actually allows greater focus on the stock up to eye level. Anything above that is just noise that complicates the viewing experience. Thanks for your input. - Ed.

09/08/2017 07:17:24 C Shed Trader "He has to have ticked enough boxes in his trader application to be accepted by Management and should be able to hit the ground running with gusto but clearly falls  visually short of other traders around him.Could benefit from some visual merchandise tips so time will tell."
You cant help but question the "incubation" role of management when new traders turn up un-prepared. But as you suggest this is correctable and without putting too much pressure on a new trader we will watch week 2 with interest. Thank you for your input. - Ed

Retail News Briefs - 6/8/2017

Apple Tops Sales Per Square Foot Again –  Apple stores show their profitability by once again exceeding other retailers for sales per square foot of display space. In the latest survey they came in at $5546 per square foot with Tiffany & Co achieving $2951 per square foot, and apparel retailer, Lululemon, $1560 per square foot.

Chinese Buying Preferences – a recent study has listed the most popular Australian purchases for customers from China. Australian dairy products were seen as world-class by 58% of Chinese online shoppers.

A fifth or more believe the same for health supplements and pharmaceutical products (39%), baby products (31%), skincare products (25%), fresh seafood and meat (24%), fresh fruit and vegetables (20%) and wine (20%).

Cosmetic and skincare products were purchased by 31%, followed by healthcare and pharmaceutical products (25%).

Another Apparel Brand Bites The Dust In Australia –  Gap is the latest fashion victim in Australian retailing. Oroton, who are franchise holders in Australia have announced that all Gap clothing stores will close while they refocus on their handbag and accessory business. There are four Gap stores in NSW - in the Macquarie Centre in North Ryde and in Westfield shopping centres in Miranda, Parramatta and in Sydney's CBD  - and two in Victoria, at the Melbourne Central and Chadstone shopping centres.

QVM In The News 6/8/2017

NEWS
	Queen Victoria Market calls for traders Australian Hospitality Magazine To celebrate the 20-year anniversary of the Summer Night Market, Queen Victoria Market is calling for food, drink and general merchandise traders.

NEWS
	Political alliance revives market project CDB News (registration) Lord Mayor Robert Doyle's ambition to redevelop the Queen Victoria Market (QVM) appears to be well and truly back on track after a ...

Want To Learn Digital Marketing In Your Own Time

The new field of digital marketing will be a mystery for many, but if you believe the commentators it is easy to pick up, and Google have just it made it even easier with a self help training course.

Google call it the G Suite and if you click here you can try it out. Please let us have some feedback.

Have Your Say - click here.

City Marketing Opportunities For Traders

The City of Melbourne is very active in promoting opportunities for small business to grow. You may already have direct links with CoM publications but, in case you haven’t, here are some recent items that caught our eye.

Christmas business briefing

Thursday 17 August

Get an insight into what we have planned for the 2017 Christmas Festival in a morning business briefing. See how we’ll activate the city and market businesses like yours. Find out how to express your interest, and the strategies you can adopt to leverage our activities. 

Get a small business grant

Apply by Monday 7 August

Do you have a big idea for small business that we can get behind? Our small business grants support innovative start-ups and established small businesses across all sectors based in or setting up in the City of Melbourne.

Melbourne Fashion Week

From 1 to 8 September

Get ready for a week of fashion, retail, music, art and design, as Melbourne Fashion Week asserts itself as the city’s premier consumer fashion event again this year. Formerly Melbourne Spring Fashion Week, celebrations will start with Vogue American Express Fashion’s Night and a week-long program of more than 150 events across the city featuring major retail centres, luxury and independent labels.

Get Grand Final posters

Attract footy traffic

Are you ready to welcome more than 150,000 people as they descend on the city for the Grand Final Parade on Friday 29 September? Get Grand Final posters to display in your business. Email by Monday 14 August and draw potential customers into your venue on the long weekend and beyond.

Interesting New Campaign For Myer

Myer’s attempts to recreate itself attract plenty of attention from the retail industry and the latest campaign could have particular relevance for QVM.

Myer are launching a campaign labelled “Australia Lives Here”. It will focus on some of the iconic core brands that have graced Myer’s shelves over the last 100 years or so. The emphasis on brands and products that have helped shape Australian lives is a clear tug at the emotional attachment that customers have with Myer.

QVM plays a similar role in the minds of Melbournians as generational shoppers consider their attachment to an iconic shopping destination. As the world goes through a retail revolution there is much debate over the relevance of historical shopping habits. The rise of online buying in particular has commentators suggesting that there is little room for sentiment in consumer minds as they chase convenience and cheaper prices.

Will Myer’s campaign work, and will that raise a flag for QVM marketing projects? Will tradition make a comeback?

Have YourSay – click here.

Who Needs To Lead Retail Recovery at QVM?

There is a simple psychology that explains the constant claim and counter claim between Trader and Management at QVM. And the trader disappointment when both CEO, Malcolm McCullough, and Director of Customer Engagement, Mark Scott, departed the scene has pin-pointed the problem.

Traders need to see leadership in tackling retailing issues at our market. Ideally it should come from them but 700 independent business owners have never been able to achieve that unity. The recent attempts to get union and political involvement in the renewal debate has left most traders uncomfortable and even embarrassed by the process and the antics of those involved.

There is no shortage of desire under the sheds to achieve retail success. There are many hurdles and some traders with little jumping ability but there are many who are prepared to protect and advance their livelihoods. They just can’t do it on their own. In fact it could be financial suicide to invest resources in a program that requires group decision making, and cohesion. So traders need a leader and that is exactly why Malcolm McCullough’s appointment was so important.

Bill Gates once said “The barrier to change is not too little caring; it is too much complexity.” and there is certainly complexity in this debate. There are traders who would completely reject management leadership. They have usually done very well on their own at QVM. They have successfully worked the system in protected categories that even in the current downturn are doing fine. They excel in tough times and see retail adversity as simply a way of getting rid of their competitors. We need to ignore them right now if the majority of traders, and indeed our market, is to survive.

You could argue that retailing has always been a tough gig and we have managed to work our way through it. But is this retail recession a normal cyclic event? Aren’t we experiencing a once in a century “perfect storm” in retailing similar to what happened back in the 1920’s when Sears Roebuck and Macys completely transformed catalog sales to department store retailing.   QVM needs a majority approach if it is to succeed.

So what is the role of the QVM Board? They are managing a retail property, and yes, their role includes providing some services that help retailers to perform as retailers. But in the middle of a retail recession we need intense, unqualified focus on some major issues. We need excellence and leadership. Where is that to come from? - a group of capable but disorganized traders? - or a management that is capable, but not focused on the science of retailing?

Somebody has to fill that gap and a CEO with core retail expertise is the best way. 

By Greg Smith

Have Your Say - click here.

Will War On Wages Save Retailers?

Struggling retailers will rightly see the benefits that higher wages might bring to their bottom lines but is this the panacea we have been looking for?

Today's press is full of articles about Australia's low wages growth over the last decade or so. Dramatic graphs showing significant downturn in wages growth have been accompanied with calls for greater union strength to correct the slide and a change to the “control wage costs” mentality of the past.

The graphs can be a little misleading. There has been wage growth over the last decade it is just that instead of running at around 4% per annum it has halved. Claims that wages are not keeping pace with inflation (as low as that has been) are correct. Wage growth is currently sitting at around 1.9% while inflation fluctuates at around 2%. 

Of course the big impact on disposable incomes has been huge rises in the cost of housing along with things like energy and communication costs. Then we have the drive for Australians to save more. It is no wonder that discretionary spending has suffered over recent times.

It is said that things like wages growth ebb and flow under successive governments and economic philosophies. And it would seem that the time has come for a “flow” in wage growth. 

The Federal Government has admitted that the wage slowdown is a problem. With union membership only half what it was a decade ago maybe we will need to find a better mechanism for increasing wages and maybe that will require bi-partisan support. You can hear the background whispers – “Good luck with that”. Although the recent reluctance to apply cuts in weekend penalty rates has identified many employers who can see the need for wage protection. Even the current federal government's budget requires significant wages growth to achieve its targets.

Any measure that puts more into the pockets of Australian spenders will be welcomed by market traders.

Have Your Say - click here.