A Senate inquiry has revealed that wage theft and underpayment are so prevalent in some industries that they have become the norm. Around 79% of hospitality employers in Victoria, for instance, did not comply with the national award wage system between 2013 and 2016.
Regulators and unions don’t have the resources to combat this issue, and so we need another method to tackle wage exploitation. One way is to introduce a multi-stakeholder certification scheme, using market forces to reward companies that have committed to fair working conditions and punish those that don’t.
Innovation and entrepreneurship are very much the flavour of the month. Widely regarded as instrumental in the next wave of economic growth, determining the ultimate recipe for innovation and entrepreneurial success is by many considered to be the holy grail. Indeed, we are all being encouraged to become like Steve Jobs, Mark Zuckerberg and other hero entrepreneurs that somehow went from eating macaroni and cheese in a garage or a campus dorm room every night, to becoming obscenely rich by inventing new things we now obsessively use or log into every day.