Mr Innes Willox, Chief Executive of the national employer association, Ai Group, said: “Employers share the ACTU’s objective of maintaining full employment. We would add to this the objective of making further progress in raising workforce participation. Even though we are currently seeing participation at record levels, there remains plenty of room for further gains.

“At the same time we do have concerns with some of the ACTU’s proposals for restricting work contracts in the name of 'job security'. A key element in the recent gains in workforce participation has been the ability of employers to engage people in ways that suit both the employer and workers and in ways that are not constrained by a centrally-approved, one-size-fits-all employment contract.

"More people are wanting to work part-time; many are looking to transition to retirement and approaching their employer seeking to convert to casual contracts; others want to control their own hours and operate as sole traders; and very few employees are taking advantage of provisions that allow them to request a conversion of their casual employment contract into a permanent position. The range of “non-standard” circumstances is extensive. The economy needs to work for these people just as it need to work for people wanting to work under 'standard' arrangements.

“The ACTU’s tax proposals to address the current surge in inflation are unlikely to hold up to scrutiny. An excess profits tax targeted at inflation-related profits would be incredibly complex to design and implement and it is unclear how it would dampen price pressures. The ACTU also has an ill-conceived suggestion that tax measures be put in place to discourage dividend distributions and share repurchases. Such measures would trap profits in companies regardless of the business’s options for reinvestment and they would dampen the efficient allocation of capital in the broader economy. The ACTU also proposes that the Government renege on its commitment to retain the stage three personal income tax cuts. These tax cuts were part of a package of measures that have been phased in over several years. The stage three tax cuts will not take effect until July 2024 and cannot possibly have an impact on current inflationary pressures,” Mr Willox said.