The Government of Australia is planning to spend an additional A$7.5 billion (US$5.4 billion) on infrastructure projects, in an attempt to create more jobs and help the country recover from the ongoing economic slump.
The country plans to spend a total of A$11.3 billion on building roads, railways and bridges, which is expected to create about 30,000 jobs, both direct and indirect.
In August, the overall unemployment rate dropped to 6.8 per cent, and the rate of unemployment for the15 to 24 age bracket was about 20 per cent.
The Australian government will be setting aside A$1.2 billion in wage subsidies in its budget for the coming year. As a result, about one lakh apprenticeships will be created. In addition, provisions will also be made to spend more on the novel coronavirus vaccine, which the Government will make available to its citizens free of cost. The first lot of the vaccine is expected to be ready by January 2021.
With the Australian economy reeling under a recession, for the first time in 30 years, the Government is trying to provide financial aid to the tune of A$314 billion. The Government is going to focus on getting more young people to join the workforce.
Data revealed by the Australian Bureau of Statistics shows that there has been more growth in part-time employment than in full-time employment. On the whole, employment went up by 0.9 per cent in August, while the number of hours worked increased by a mere 0.1 per cent.