Abolition Of Penalty Rates Will Reduce Business Costs And Ensure Expansion Of Economic Activity

1007 Words Oct 13th, 2015 5 Pages
The abolishment of penalty rates will reduce business costs and ensure expansion of economic activity Research Report

Senator the Honorary Michaelia Cash; Minister for Employment, This report will regard recommendations put forward by the Productivity Commission’s annual report [2015.] Research findings will council these recommendations in relation to the abolishment and change of penalty rate policies. It will also state the potential effects on businesses and the expansion of economic activity on par with penalty rate alterations. Also, the assessment of the current economic status of penalty rates, along with the impact of prospective policies that may be implemented for the forward estimates will be raised.

The primary motivation behind having a job is to earn an income to sustain ones place within a society. Set wages and salaries are paid to workers, which are agreed upon between the employee and the employer. Along with arranged wages, excluding salaries, penalty rates are paid to employees when they work at an irregular time, i.e. late night, early morning, and weekends. These penalty rates are used as and are incentives to workers to influence them to continue operating the business outside of the ‘standardised’ normal work times – 9 to 5, Monday to Friday. However, from an economic standpoint, these rates ensue more costs to businesses, then in turn, preventing opportunities for the growth and additional activity of the Australian economy.…

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