The News Wrap: Business says election uncertainty hurting jobs

Business leaders are urging Kevin Rudd to call a federal election as soon as possible and warn that the lack of certainty was sabotaging jobs and investment.

“Business confidence surveys, the low level of private investment other than in gas and the cessation of investment in mining show that business confidence is low,” Business Council of Australia president Tony Shepherd told The Australian.

“This is a brake on jobs and investment. A contributing domestic element is the lack of political certainty. Who will govern and how will they govern?”

The business community has dismissed the Prime Minister’s suggestion that a poll after September 14 would allow him and possibly Tony Abbott to attend the Group of 20 leaders’ summit in Russia in early September.

Myer in row with Human Right Commission

Department store Myer and the Human Rights Commission have become embroiled in a row following Myer chief executive Bernie Brookes’ comments earlier this year questioning the funding of the national disability insurance scheme

Myer chairman Paul McClintock said he was “astonished” by the role of Disability Commissioner Graeme Innes, who launched an online petition seeking Myer introduce a 10% quota of disabled workers following Brookes’ comment.

McClintock said he met with Human Rights Commission president Gillian Triggs, with the parties agreeing to a media release being issued apologising to Brookes, which was never released. Triggs disputes the claim, saying they only agreed on a “benign” statement.

China says success not solely based on economic growth

China’s President Xi Jinping said officials shouldn’t be judged solely on their record in boosting gross domestic product, the latest signal that policy makers are prepared to tolerate slower economic expansion.

The Communist Party should instead place more importance on achievements in improving people’s livelihood, social development and environmental quality when evaluating the performance of officials, the Xinhua News Agency reported June 29, citing Xi at a meeting on personnel management on the eve of the 92nd anniversary of the party’s founding.

“Xi is further legitimizing the case for slower growth,” said Andy Mantel, chief executive officer of Pacific Sun Advisors, an asset manager in Hong Kong that invests in Chinese stocks.

Weekend

The Dow Jones Industrial Average closed down 0.76% at 14909.6 points. The Australian dollar is down 0.09% at US91.33 cents.