‘Price is complacency:’ Macquarie, Wesfarmers call on Albanese to let business, not stimulus, propel growth

Two of Australia’s biggest chief executives are calling on the newly-elected Albanese Government to not let the Lucky Country become complacent, and use its sweeping mandate to do more for the economy beyond stimulus and handouts.

More than 100 ASX-listed companies will convene at the Macquarie Australia Conference in Sydney this week, days after a landslide Federal election that saw Labor re-elected and the usual business-backing Liberal Party decimated.

For all the tumult 2025 has brought, Macquarie CEO Shemara Wikramineyake was bullish before a crowd on Tuesday morning that this was the time for Australia to step up as a safe-haven in amid the fractious relationship between the world’s two biggest superpowers.

With minimal trade exposure to the US, low unemployment, inflation falling into line, and clarity brought by a second-term government, the banking boss said Australia had plenty to be optimistic about.

“These times of rapid change always create the biggest opportunity to reposition,” she said.

“Australia I think again is going to prove globally one of the more resilient economies in the world. Our listed markets here in terms of liquidity, transparency and good governance with the ASX will position us well”

But Ms Wikramineyake warned Australia should not fall into the trap of being content with where it is, and the re-elected Government needed to empower the country’s major listed businesses to attract new investment from investors looking for security.

“The price is complacency. And that I think is the issue for us,” she said.

“We’ve just also had an election result on the weekend where we had a Government return with a clear majority, that again should give us a sense of safety . . . it means potentially more continuity clarity.

“But I think business and the government now need to be thinking about how do we position our country through these big structural shifts that are happening, not just on a national basis but business by business.”

In one of the first presentations of the day, Wesfarmers chief executive Rob Scott said now was the time for the Government to use its huge mandate to drive “much-needed reform” and back businesses instead of relying on stimulus.

The boss of the Perth-based conglomerate behind Bunnings and Kmart pushed particularly hard on what he felt was not enough attention on small businesses, which were buckling under the pressure of additional regulation and increasing operation costs.

“Australia will not be a prosperous nation and the economy will not continue to grow unless business grows,” Mr Scott said.

“Business provides six out of seven jobs in Australia. High levels of government spending and stimulus and handouts will only keep us going for so long, (there’s) never been a more important time for reform.”

A raft of ASX-listed companies including Guzman Y Gomez, Austal, PLS, WiseTech, Woodside Energy, Qantas and Coles are due to present in the coming days.