Myer chief says budget falls flat for retail … Banks consider ad campaign against tax … Queensland farmer penalised $130,000 for underpaying backpackers

Myer chief executive Richard Umbers has criticised this week’s federal budget, claiming it will do nothing to encourage spending and its economic impact will be “quite minimal”. Speaking to Fairfax, Umbers said the budget will do little to put “extra dollars” in consumers’ pockets, and it will fail to change Australians’ earnings or spendings. “I don’t […]

Dominic Powell May 12, 2017

Eight things you didn’t know about new Myer chief executive Richard Umbers

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Myer chief executive Richard Umbers has criticised this week’s federal budget, claiming it will do nothing to encourage spending and its economic impact will be “quite minimal”.

Speaking to Fairfax, Umbers said the budget will do little to put “extra dollars” in consumers’ pockets, and it will fail to change Australians’ earnings or spendings.

“I don’t believe there are a lot of dollars in it for the consumer. It’s more about the impact it has on consumer sentiment and I’d suggest that there’s not much in the budget that would stimulate that in any way,” Umbers told Fairfax.