Business warns: Act now, standard of living is at stake

Businesses urge government to act on the rising cost of living

As the cost of living continues to rise, businesses are urging the government to take action to help protect the standard of living of Australians.

The Australian Chamber of Commerce and Industry (ACCI) has called on the government to implement a range of measures to help ease the pressure on households, including increasing the minimum wage and providing tax relief.

The cost of living is rising at its fastest pace in decades

The latest figures from the Australian Bureau of Statistics (ABS) show that the consumer price index (CPI) rose by 5.1% in the year to March 2022. This is the highest annual inflation rate since 2001.

The rising cost of living is putting a strain on household budgets, with many families struggling to make ends meet.

Businesses are calling on the government to act

ACCI chief executive Andrew McKellar said the government needs to take action to help protect the standard of living of Australians.

"The rising cost of living is a major concern for businesses and consumers alike," Mr McKellar said.

"The government needs to implement a range of measures to help ease the pressure on households, including increasing the minimum wage and providing tax relief."

The Australian Council of Trade Unions (ACTU) has also called on the government to take action to help workers.

ACTU president Michele O'Neil said the government needs to increase the minimum wage and provide tax relief for low-income earners.

"The rising cost of living is making it harder for workers to make ends meet," Ms O'Neil said.

"The government needs to take action to help workers, including increasing the minimum wage and providing tax relief for low-income earners."

The government has said it is monitoring the situation and will take action if necessary.

However, businesses and unions are urging the government to act now to help protect the standard of living of Australians.