Plenty of jobs, we need workers: Seven Group boss

Seven Group chief executive Ryan Stokes says the federal government’s jobs summit, scheduled for next week, should focus on boosting skilled migration rather than job creation, as businesses continue to grapple with severe staff shortages.

“In reality, it should be a people summit because there are plenty of jobs for workers,” he told this masthead on Wednesday, as skill shortage shapes up as a key area of focus for the business community at the summit.

The squeeze on available labour is top of the agenda for the Kerry Stokes-controlled conglomerate, which owns major stakes in Coates Hire, Westrac, Boral, and is the owner of the Seven Network.

“The labour aspect is more acute, and more of a challenge today. And that’s really the big area of focus for us,” Ryan Stokes said.

According to Stokes, skilled migration needs to be fixed if the group is to capitalise on demand in the energy, infrastructure and mining sectors which are expected to underpin its earnings growth this year.

Loading

“Under the current structure, it’s very complex and challenging,” he said.

“That is one of the critical aspects we need to fix. Make it easier, make sure the skills are right, and then bring people in.”

The comments came as Seven Group posted a 24.6 per cent rise in underlying earnings before interest and tax (EBIT) to $987 million for the year ending June 30, 2022, in line with market expectations. Seven shares closed the session 2.15 per cent stronger at $18.08.