05 Sep BULLOCK NOT FOR TURNING ON RATES; FIXED DESK REVOLUTION
BULLOCK NOT FOR TURNING ON RATES
Reserve Bank governor Michelle Bullock signaled this week that she’s not for turning when it comes to a pre-interest Christmas interest rate cut, despite Treasurer Jim Chalmers’ blunt warning that higher rates are “smashing” the economy.
As the SMH’s chief political correspondent David Crowe noted, Dr Chalmers is “utterly at odds with those in the Reserve Bank who say the economy is running a bit too hot – and he does not mind if Australians watch this argument live”.
But in a speech on Thursday, Ms Bullock warned that more work was needed to tame inflation and that rate cuts were not on the cards, adding that if the RBA was too slow in tackling inflation the central bank would need to slow the economy even further – a move she flagged would lead to higher unemployment and risk plunging Australia into recession.
FIXED DESK REVOLUTION
Salesforce is diverging from the industry push to increase collaborative spaces in offices, opting instead for fixed desks in its new Sydney Tower. The US giant tells The Australian it had been there and done that with open spaces, having learned from its Dublin experience where a heavily collaborative office setup didn’t resonate with employees’ needs.
Not everyone wants to or works effectively in group settings. Are we placing too much emphasis on collaborative working spaces when office attendance is on the decline?
In London, the Centre for Cities think-tank found that office attendance was the second lowest among six cities surveyed in Spring 2024, averaging just 2.7 days a week – similar to the rate in Sydney. Remote work seems to be here to stay, and Saleforce’s shift back to fixed desks may cause others to reflect on whether current office designs meet the needs of today’s workforce.
GEN Z TAKEOVER
Gen Z is infiltrating the workforce, leaving corporate executives struggling to connect with them as survey results show they are the most challenging employees to manage.
After completing internships through the pandemic, it’s obvious that young workers thrive on “feedback” and want a “meaningful way of working”, Rajesh Vashist, SiTime’s CEO, tells the Wall Street Journal. However, they are finding it difficult to form genuine connections with hybrid work.
So, companies are facing new demands from young workers, such as on-site therapists. Cat Ward, from Jobs for the Future, says employers have no choice but to adapt to meet Gen Z’s needs. Because at the end of the day, companies must stay relevant in an economy that will ultimately be taken over by this generation.
Feel free to share these updates with colleagues or friends. They can sign up here to receive our daily newsletter.