Tuesday’s federal budget will forecast a 3.75 per cent unemployment rate before the end of September, beating by three months theThe budget, which the government will use aswill also cut fuel excise by more than 10¢ a litre for six months, and seek to redress the chronic workforce shortage in aged care by spending $48.5 million over two years to subsidise 15,000 training places for new and existing sector workers.
This translates to 13.4 million people in work and an extra 611,000 employed than was expected when the pandemic took hold. “With more people in work and fewer people on welfare, the budget bottom line is improving after providing unprecedented economic support to Australians.“But there is more to do and now is not the time to risk the gains we have made in our economic recovery with Labor’s higher taxes.”
Shadow Treasurer Jim Chalmers said the cost-of-living measures and the forecast wages growth were consistent with a death-bed confession. Mr Morrison said sustained low unemployment was key to balancing the budget because it generated revenue and lowered the welfare bill.“Unemployment is now at 4 per cent, and it’s going to a 50-year low as a result of the economic plan we’ve been putting in place. And the budget will add further to that economic plan,” he said.
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