Extra 200,000 jobs needed to hit unemployment goal
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Up to 200,000 extra jobs will need to be created to meet the federal government’s new budget goal to push down unemployment below 5 per cent and generate accelerating wages growth.
Economists said the historically low unemployment target was unlikely to be reached before next year, delaying budget repair until after the federal election.
Jobs will the the government’s focus in the budget.
Louise Kennerley
Canberra-based Outlook Economics director Peter Downes said reducing the jobless rate from the current 5.6 per cent was the right goal and it would ultimately help improve the budget bottom line, even if it required more government spending in the short-term.
Industrial relations: mission impossible
We have thrown the fiscal and monetary sink at COVID-19 and the recovery. But modest IR reform to drive job growth seems too hard for the political class.
Feb 17, 2021 – 12.00am
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Australia, with some success, is battling its way out of the biggest health and economic crisis in generations. The federal government has funded the mother of all stimulus and support packages to achieve that – $257 billion in direct spending alone, a sum beyond imagining less than 12 months ago, and borrowed heavily from the future.
The Reserve Bank is literally creating money, and has slashed interest rates to their lowest in history and past the point where they help growth, just spilling over into destabilising asset bubbles instead. All of this is costly and will have consequences for decades, but they have helped save Australian companies and workers.
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