Australia targets job growth and financial relief in 2024 budget

Australia targets job growth and financial relief in 2024 budget | Insurance Business Australia

Insurance News

Australia targets job growth and financial relief in 2024 budget

Billions set to rejuvenate the workforce

Insurance News

By
Mav Rodriguez

The Australian federal government recently released its 2024 Budget, with a focus on enhancing employment opportunities and reducing the cost-of-living pressures for its citizens.

A significant portion of the budget at $777 million is allocated to the Remote Jobs and Economic Development program, which is expected to generate 3,000 jobs in remote regions of Australia. Further investments are directed toward infrastructure, renewable energy, and technology sectors. These sectors are anticipated to provide a significant boost in employment opportunities, especially in construction, manufacturing, and green industries.

“Putting budget into these areas is crucial to supporting the future of the economy. The job market is currently grappling with difficulties so creating job opportunities simply must be a priority to secure the future of the economy. The emerging markets offer a promising chance to attract talented individuals,” said Jane Lownet, senior director at Robert Walters Brisbane.

To further support the workforce, the budget includes incentives for employers to hire and train workers, facilitating a smooth transition to a revitalized post-pandemic job market. Additionally, to combat the rising cost of living, the government has introduced tax relief measures to increase disposable income for families and individuals, thus improving their financial stability.

Investments in healthcare, education, and social welfare are also part of the budget to make essential services more accessible and affordable.

Amid these improvements, recruitment experts continue to press the government for more comprehensive strategies to meet the demands in technology, infrastructure, and construction sectors, including considerations for housing if migration is to be encouraged.

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“There is tension between the skills shortage and the impact of migration on the housing market. While this issue has been acknowledged, it has not received adequate attention in the budget, despite its pivotal role in bolstering Australia’s economy,” Lowney said.