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Penalty cuts will benefit small business says finance guru

The Fair Work Commission’s decision to slash Sunday penalty rates in the hospitality, fast-food and retail industries will benefit small business according to finance guru Scott Haywood.

Speaking on 3AW Drive, Haywood said retailers are happy with the decision.

‘I believe the retail association are very happy with the news, they believe people will be employed for longer, or give other people an opportunity to get a job, I think it’s a good result.’

Haywood believes the decision will benefit small business.

‘The majority of small businesses will say…I can get that same person to work an extra two hours or an extra hour and they’ll have the same pay, and I’ll get an extra hour of revenue’ he said.

Click PLAY to hear the full discussion.