Business says worthwhile initiatives and aims in the long-awaited employment white paper will be overwhelmed by the impact of Labor’s industrial relations changes that it claims will harm productivity and reduce flexibility.

Releasing the white paper on Monday, Treasurer Jim Chalmers announced a handful of measures to help start tackling the nation’s skills and labour challenges, including allowing age pensioners to permanently be able to earn up to $300 a fortnight through work without affecting their payment.