Wesfarmers Chair Criticises Tax and Immigration Policies
Michael Chaney highlighted economic concerns as share prices fell following a report of slowing retail sales.
Updated on Oct. 29, 2026 in Business Strategy
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Wesfarmers chairman Michael Chaney used his final annual general meeting address to criticise national tax reform failures and immigration policies. The remarks coincided with a 4.04 per cent decline in the company share price as slowing sales hit retail brands.
Why it matters
Chaney argued that excessive income tax rates and flawed immigration strategies threaten economic prosperity and international investment. Executive reports from the firm additionally point to inflation and rising interest rates as persistent pressures on the Australian economy.
Wesfarmers shares fell 4.04 per cent to a price of $74.02 following the company announcement. The drop occurred as the firm reported slowing sales across its major retail brands including Bunnings, Kmart, and Big W.
The players
Michael Chaney
He is the outgoing chairman of Wesfarmers who delivered his final address during the company annual general meeting.
Wesfarmers
The Australian conglomerate owns major retail brands including Bunnings, Kmart, and Big W.
The details
Michael Chaney stated that investment risks migrating to other nations if current taxation settings are not addressed. He also predicted a slowdown in wage growth as the firm faces ongoing headwinds from high interest rates and inflationary costs.
Timeline
29 October 2026: Wesfarmers shares dropped following the release of sales data.
2025: Chaney welcomed the government economic reform roundtable initiative.
Market Landscape
Chaney's critique highlights the growing friction between Australian corporate leadership and federal policy objectives regarding tax reform. His focus on international competitiveness signals a broader concern about whether current domestic settings can retain capital against global rivals.
The report of slowing sales across major retailers like Bunnings and Kmart suggests potential changes in consumer spending patterns. Households may experience less aggressive retail discounting as companies manage cost pressures stemming from inflation and interest rates.
The takeaway
Michael Chaney's final address serves as a warning that corporate leaders remain concerned about the lack of productivity gains in the national economy. Investors and employees should monitor how these policy critiques influence future government engagement with the private sector.
Further reading
For more context on corporate trends in the country, visit the Business Strategy section.
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Do you believe current government economic policies are effectively setting the nation on the right track?
