Australia Push to attract overseas talent to Australia during coronavirus as part of jobs-driven federal budget
Concerns over employee shortages tempers economic optimism for some after NT Budget
The NT Budget reveals the Territory's economy could be poised for a nice bounce. But it's cold comfort for business owners like Samantha Perry, who are scrambling to hire staff to help capitalise on the new-found optimism.“The event side of things have gone down … but gift-giving has gone up," she said.
Australia will seek to "capitalise" on its management of COVID-19 with a half a billion-dollar plan to lure global businesses and talent from other countries.
Treasurer Josh Frydenberg unveiled the package, worth $550 million over four years, ahead of today's federal budget.
The new measures include removing red tape and changing tax rules to encourage the use of employee share schemes, which the government argues are critical for start-ups to attract and retain talented staff.
The Australian Tax Office will also provide a "concierge" service to fast-track tax advice to foreign investors, while individual tax residency rules will be simplified.
Promises, promises. Josh Frydenberg made a lot in last year’s budget, but did they stack up?
There were a few fails — JobMaker, women — but by getting the iron ore price wrong, the treasurer gained many billions for his coffers.But seven months later, many of Frydenberg’s signature splashes — wage subsidies and women’s economic security — have failed to have a big impact. And it’s unlikely many of the big assumptions underpinning that budget’s optimistic projections will play out.
"We must seize this opportunity and capitalise on the strength of our health and economic response to this crisis," Mr Frydenberg said.
"While other countries struggle to contain the virus and are moving to increase taxes, our focus is on driving an even stronger recovery and attracting the best and brightest to help set Australia up for the future."
The announcement comes just days after the government revealed.
Big spending budget aimed at COVID recovery
While Australia is bouncing back from COVID-19 more quickly than expected, Mr Frydenberg insists a lot more work still needs to be done to secure the economic recovery.
He has walked away from the Coalition's traditional focus on debt and deficit and flagged billions of dollars of spending aimed at driving the unemployment rate down to pre-pandemic levels.
What's in the budget? Here are the key measures we already know about
The federal budget will have measures for retirees, single parents, and first home buyers. What about you?Pre-budget leaks are a well-established tradition, and this year has been no exception.
, offering thousands of people free or low-fee courses so they can work in areas like aged care, IT and childcare.
However, the youth wage subsidy known as the JobMaker hiring credit, a centrepiece of last year's budget, is facing the axe after delivering only a fraction of the jobs the government had promised.
More than, with the hope of creating local jobs on road, rail and freight projects in every state and territory.
A tax rebate known as the low and middle-income tax offset is expected to be extended for another 12 months, while single parents will be given.
Budget to reveal aged care response
The Treasurer wants to avoid locking in too many long-term spending measures, however, there are several areas where funding is expected to be ramped up significantly.
Decade of budget deficits ahead as government spends billions to recover pandemic-hit economy
The Treasurer has declared Australia's economic engine is "roaring back to life" as he unveiled tens of billions in new spending in a budget that could be the Coalition's last before a federal election. The government is pitching its second pandemic budget as solely focused on Australia's recovery from the COVID-19 pandemic and recession.That will see a decade of deficits and debt that's set to peak at almost $1 trillion in 2025.In its bid to drive jobs growth, the government is targeting areas where there are skills shortages, like child and aged care."The economy is coming back.
Aged care is one of them," in response to the damning Royal Commission into the sector.
More than $10 billion is expected to be spent over the next four years, although many advocates say that will fall short of what is needed.
Childcare is also in focus, with the government having already announced a.
, according to budget estimates that could fuel debate about its sustainability, however, Mr Frydenberg said the government was "absolutely committed" to the program.
Labor described the budget as a test for the government, arguing the Coalition did not have a comprehensive plan for Australia's economic recovery.
"This is like a show bag budget," Opposition leader Anthony Albanese said on Monday.
"A budget that looks pretty flashy, but when you take it home, only lasts a few days or a few weeks.
"The fact is there's no lasting legacy from this government except for a trillion dollars of debt."
Victoria's post-pandemic recovery 'on track' but budget deficit forecast to be $11.6 billion .
A better-than-expected deficit of $11.6 billion is forecast for next year in the Victorian budget as the state economy bounces back after last year's lockdown.The final deficit for the COVID-hit 2020–21 budget is nearly $6 billion less than forecast at $17.4 billion.