Research and analytics firm, IBISWorld, has released a special report ahead of the federal election, detailing each party's policies and how they will affect varying industries.
In terms of retail, IBISWorld focuses on the policies regarding wage growth. At a glance, Labor plans to increase wages through direct intervention in the workplace, while the Coalition plans to increase wages by fostering economic growth, leading to greater employment and upward pressure on labour demand.
"The Coalition has sought to address low wage growth by fostering greater economic growth overall. To achieve this aim, in July 2018 the Coalition cut the business tax rate from 30.0 per cent to 27.5 per cent for businesses with a turnover of less than $50 million," the report said.
"Additionally, the government introduced legislation in February 2019 to increase and extend the $20,000 instant asset write-off scheme until 30 June 2020.
"The Coalition has also sought to assist small business development by providing $2 billion in funding for the Australian Business Securitisation Fund. This fund will provide greater funding to smaller banks and non-bank lenders, which will then be passed on to smaller businesses on more competitive terms."
The Coalition also announced in its budget, a tax rebate for consumers, which would see low- and middle-income earners receive an extra $1,080 on top of their tax return.
Labor's policy is more direct, with the party proposing to raise wages through legislation.
"If elected, Labor has pledged to introduce a ‘living wage’ standard, which would change the way the Fair Work Commission determines the minimum wage," the report said.
"This standard would give greater weight to relative living standards and the needs of low-paid workers in deciding the minimum wage.
"Labor has also pledged to reverse the Coalition’s cuts to penalty rates, and implement a similar instant asset write-off policy. Labor’s write-off policy is expected to be permanent, while the Coalition’s only extends to the end of the upcoming financial year.
"The stronger wage legislation proposed by the Labor party is likely to support low-income households. However, it may also threaten the viability of small businesses that are unable to accommodate higher labour costs."
How will these proposed policies impact your business? Leave your comments below.