Commonwealth Bank CEO Ian Narev calls for political stability

Commonwealth Bank CEO Ian Narev has called for political stability, fearing it may be undermining confidence in the economy.

The call from the head of one of Australia’s biggest companies comes as speculation about the PM’s leadership and the finely balanced numbers in the Federal Parliament takes its toll on business and consumer confidence.

“Anyone running a business ideally wants political stability,” Narev said, according to The Australian.

“Everybody knows it has been rougher here than it has been in the past.”

Metcash CEO Andrew Reitzer says the Federal budget should be about removing fear and restoring confidence.

“Everyone’s talking about it being a surplus. My first question is: ‘Is it really a surplus?’” Reitzer said according to Business Spectator.

Metcash operates Franklins and IGA supermarkets.

Reitzer said the budget needed to encourage investment and lift consumer sentiment – cutting government services risked further damage,

Treasurer Wayne Swan has dismissed re-emerging Labor leadership speculation as “breathless commentary” and a “heap of rubbish”.

Swan rejected media reports the NSW Labor Right faction is deserting Gillard.

Labor Party whip Joel Fitzgibbon, a leading NSW Right faction figure, said in regard to Julia Gillard: “I cannot guarantee what will happen, and when.”  

“But I can guarantee that she won’t be leader at the next election,” according to The Australian.

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