But pulling that off is no mean feat. As Gianotti explained during a fascinating discussion with Chanticleer, Wesfarmers must juggle the interplay of volatile input prices, shifting capital costs and, perhaps most topically,, in an increasingly uncertain environment.
Clearly, managing costs is vital. Elevated input costs have been a constant battle in the past few years, but Gianotti is finally seeing some relief as key items in the cost of a $7 T-shirt – cotton prices, polyester prices and freight – start to normalise, albeit above pre-COVID levels. Bunnings, for example, pays wages well above the award, in return for productivity measures specific to the hardware giant. “That’s really the only way you can try and drive productivity benefits that flow through to high wage rates,” he says.bargaining from Aurizon CFO George Lippiatt
He also believes the government’s IR agenda needs to be expanded to consider simplification of awards. He says the General Retail Industry Award, for example, runs to 75 pages and allows for 2400 interpretations of hourly rates. “I still think we’ve got some way to go to address award simplification, and I think that will go a long way to help grow wages over time.”
Gianotti will need to manage the rising cost of shorter-term debt, but he says Wesfarmers’ long-term approach to balance sheet management has been vindicated.
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