Federal Court’s Decision on Qantas Illegal Dismissals
The Federal Court is set to announce its penalty for Qantas after the airline was found to have unlawfully dismissed 1,800 workers during the COVID-19 pandemic. This decision marks a significant moment for worker rights and corporate accountability in Australia.
Jim Chalmers Slams Opposition on Productivity Claims
Federal Treasurer Jim Chalmers dismissed claims from opposition figure Andrew Bragg that the Coalition is best positioned to reduce governmental red tape. Chalmers criticized the previous government, stating, “More regulations were introduced in the last term of the Coalition than in the first term of the current government.” He further condemned the opposition for their track record on productivity and support for lower wages and stricter industrial relations measures.
BlueScope Steel Suffers Major Profit Decline
BlueScope Steel, Australia’s largest steelmaker, reported a significant profit decline for the 2025 fiscal year, with net profits plummeting to $83.8 million from $805.7 million in 2024. This downturn stems largely from a $438.9 million writedown on its coated products business. Despite these challenges, BlueScope remains focused on recovery strategies, including investments in its North American operations and potential acquisitions like the beleaguered Whyalla steelworks in South Australia.
NAB Faces $130 Million Payroll Scandal
National Australia Bank (NAB) acknowledged payroll problems, estimating $130 million in costs related to the underpayment of wages and staff entitlements. This comes after previous payroll remediation efforts costing $250 million from 2020 to 2022. NAB’s executive for people and culture, Sarah White, apologized, stating the bank is working to ensure all affected staff are compensated appropriately.
Economic Roundtable to Shape Australia’s Future
Treasurer Jim Chalmers emphasized the importance of this week’s three-day economic roundtable in shaping policies for the next three budgets and beyond. He said, “Regulation should serve a useful purpose without hindering development.” Productivity remains a central theme, aimed at higher living standards and sustainability. However, Independent Senator David Pocock expressed doubts about achieving significant outcomes, citing the government’s reticence to pursue structural reforms like addressing the housing crisis and climate change threats.
AI and Economic Growth Discussions
The roundtable will also address the potential economic benefits of artificial intelligence while mitigating associated risks. Finance Minister Katy Gallagher highlighted the focus on embedding AI responsibly across government systems and ensuring the technology benefits all Australians without causing widespread job displacement.
