Building back the economy with jobs and skills
On the 6th of October, Treasurer Josh Frydenberg will hand down a historic Federal Budget.
COVID-19 has fundamentally shifted not only the Australian economy but our society as a whole. Our nation faces the biggest economic contraction since the 1930s.
PwC's Federal Budget Insights will share perspectives from local and global government experts, business leaders and thought provokers on what the Federal Budget's social, economic, and geopolitical factors mean for resetting Australia's economy in the midst of a global pandemic.
I'm part of an expert team at PwC pulling together some pre-budget insights to showcase where we believe meaningful impacts can be made. Our future of work insight showcases a country-led recovery that’s built on the future of work.
There’s no doubt that COVID-19 has highlighted existing workforce challenges across the country, while also making them more urgent and complex.
Even before the whole COVID-19 thing, technology was shaking up the very nature of work. In light of the pandemic, this is now compounded by an increase in unemployment and the inability for businesses to access skilled migration. As a nation, we need to take a deeper look at the future of work, jobs and reskilling local workers.
It hasn’t all been doom and gloom though. There are some silver linings and good stuff that have been accelerated by the pandemic, including new ways of working, digital adoption and collaboration. At a policy level, this has been supported by the JobMaker, JobKeeper and JobTrainer plans that have been enacted at pace.
The 2020 budget is an opportunity to build on this momentum while looking beyond the pandemic by using jobs and skills as a key foundation for economic recovery.
Meaningful impact can be made in these areas:
? Continuing to support the most vulnerable across society. The impact of COVID-19 is not evenly felt. The budget can look to address opportunities to support job creation for individuals, regions and industries that are most impacted by COVID-19.
? Embedding microcredentials. Skills will underpin the post-COVID-19 economic recovery. This ranges from an extension of the JobTrainer scheme beyond trades to enable broader reskilling, supporting the development of capabilities like digital literacy and resilience that have become more profound in recent times, and removing barriers to adult education in an environment of mass unemployment.
? People movement and skilled migration. COVID-19 has accelerated the way people think about regional and remote working. Work doesn’t have to be within a big city; from a government perspective, supporting a regeneration of the regions, enabling services and supporting infrastructure – including digital infrastructure – can support growth, economic inclusion and social mobility.
Read the full article HERE
Australia needs a recovery that’s built on the future of work, on supporting job creation and upskilling supported by government initiatives.
In the budget we look forward to seeing the government build momentum on some of the good work that is underway.
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