Federal Government’s Budget Designed to Keep Australians in Jobs
The COVID-19 recession has been devastating to the Australian economy and employment and nearly all Australians have felt these impacts. This recession is the most severe global economic crisis since the great Depression. In early October the federal government outlined its 2020 Federal Budget and the next phase of our Economic Recovery Plan which is designed to cushion the blow of the recession while supporting the recovery and rebuilding of our economy. This was an unprecedented Budget for unprecedented times and essential to this is recognising that jobs are created by viable and successful businesses. While the impact has been hard, Australia has done better than most nations in responding to both the health and economic challenges. In the June quarter, Australia’s economy contracted by 7 percent. This compares to 12 percent falls in New Zealand, 14 percent in France and 20 percent in the UK. However, this doesn’t take away from the fact that Australians will continue to do it tough.
Our Economic Recovery Plan is designed to help the Australian economy fight back, get people back in jobs and save lives through our support for the health system. The budget deploys a range of strategies:
- Tax relief for individuals and businesses to boost spending;
- Improved skills and training;
- Support for modern manufacturing here in Australia;
- Help for younger people and apprentices to re-enter the workforce;
- A focus on science, technology and research and support for low emissions technology, which will support new economic opportunities.
At the same time, we are providing record funding for essential services like health, education and aged care. Locally, the Budget will support improved infrastructure with Lane Cove Council to receive an additional $1.35 million for local roads and community infrastructure. Over $40 million has also been provided to improve the Sydney Harbour public foreshore land managed by the Sydney Harbour Federation Trust, including at Sub Base Platypus on Neutral Bay, the Woolwich Dock and Cockatoo Island. There remains a monumental task ahead and we will continue to support Australians in meeting both the health and economic consequences of this pandemic.