Households need more than just one rate cut, says Wesfarmers boss Rob Scott | The Business | ABCNews

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Retail giant Wesfarmers has beat markets expectations, delivering a strong half-year profit in a cost of living crisis, driven by consumers hunting for a bargain. The company's profit rose by 2.9 per cent to $1.5 billion. The managing director and chief executive Rob Scott says while the RBA's rate cut is a positive step, it falls short of giving people confidence to spend more. Mr Scott says geopolitical uncertainties also play a role in consumer sentiment. He says while Donald Trump's tariffs may not have a direct impact on Wesfarmers brands including Kmart, Target, Office Works and Bunnings, the company is concerned about broader inflationary impacts, potential supply chain disruptions and growth in the Australian economy. Rob Scott says this should serve as a call to the Australian government to ensure industrial relations reform does not stifle business investment and productivity.
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