An Australian multimillionaire says he "deeply regrets" his feedback at a property summit the place he mentioned unemployment ought to bounce by as much as 50% to create extra productive staff.

Tim Gurner, CEO of actual property firm the Gurner Group, was closely criticised after complaining the COVID pandemic had modified staff' work ethic.

The property developer is thought for his controversial feedback after hitting the headlines in 2017 when he said millennials shouldn't be shopping for smashed avocado or costly lattes of their try to avoid wasting up for his or her first dwelling.

Speaking at a enterprise discussion board in Sydney on Tuesday, he mentioned "we need to see pain in the economy" and that unemployment ought to rise by 40-50% to regulate expectations.

"People decided they didn't really want to work so much anymore through COVID," he mentioned.

"They have been paid a lot to do not too much in the last few years, and we need to see that change."

He added: "We need to remind people that they work for the employer, not the other way around."

Read extra from Sky News:European Central Bank will increase rate of interestCBI members warn of recent exodus

His feedback have been considered greater than 23 million instances on X (previously Twitter) after being posted by the Australian Financial Review.

After coming below hearth from politicians and unions, Mr Gurner mentioned on Thursday he "deeply regrets" his feedback, acknowledging they have been "deeply insensitive to employees, tradies and families across Australia who are affected by these cost of living pressures and job losses".

Posting on employment-focused social media platform, LinkedIn, he mentioned that whereas they're essential conversations to have, his feedback "were wrong".

"I want to be clear: I do appreciate that when someone loses their job it has a profound impact on them and their families and I sincerely regret that my words did not convey empathy for those in that situation," Mr Gurner wrote.

In the aftermath of Mr Gurner's feedback, US politician Alexandria Ocasio-Cortez shared the video to her personal social media followers, pointing to a rising discrepancy between government and worker pay.

Listen and subscribe to The Ian King Business Podcast right here.

"Reminder that major CEOs have skyrocketed their own pay so much that the ratio of CEO-to-worker pay is now at some of the highest levels ever recorded," she wrote.

Latest information launched on Thursday by the Australian Bureau of Statistics confirmed unemployment remained regular at 3.7%.

But the governor of the Reserve Bank of Australia, Michele Bullock, warned again in June the jobless fee would wish to climb to 4.5% - implying about 140,000 job losses - to tame inflation, based on The Sydney Morning Herald.

Content Source: information.sky.com