Invest
Calls for gender lens on budget and ‘real jobs’ for young people ahead of 11 May
Invest
Calls for gender lens on budget and ‘real jobs’ for young people ahead of 11 May
A lot of hope is resting on the upcoming budget after the Treasurer reaffirmed that fiscal strategy will take a backseat as economic recovery becomes the focal point for this year.
Calls for gender lens on budget and ‘real jobs’ for young people ahead of 11 May
A lot of hope is resting on the upcoming budget after the Treasurer reaffirmed that fiscal strategy will take a backseat as economic recovery becomes the focal point for this year.
This budget is expected to embody a number of things, from being the first genuine care economy budget, to one focused on lifting the number of people employed while ensuring pay conditions are turbo charged.
But, as the government moves to boost the unemployment rate, economists are urging the deployment of a gender lens in assessing the viability of all upcoming policies.
“Placing a gender lens on the budget recognises that men and women tend to work in different industries and take on different roles within households and society, meaning that a policy can have a different impact on men and women even if it’s not intended to be gender-specific,” said RMIT lecturer in economics Dr Leonora Risse.
Young people, too, are expected to take centre stage on 11 May, with economists arguing young Aussies will need immense support as they bear the brunt of the billions of dollars’ worth pandemic-induced economic load.
Arguing the need for investments in strategies that create real jobs for young people, such as funding for graduate jobs and employment pathways, Dr Kathryn Daley warned of the risks of long-term unemployment.
“Youth unemployment remains high, and the rate isn’t decreasing as quickly as the government would have hoped,” said Dr Daley, senior lecturer in the School of Global, Urban and Social Studies.
“Long-term youth unemployment increases the risk of future unemployment. Today’s youth will be the ones who pay off our high national debt, but they cannot do it if they are un- or underemployed.”
Last week, as he delivered his pre-budget speech, Josh Frydenberg said that in order to fix the budget deficit, Australia must first fix the economy, which means reducing the unemployment rate to below 5 per cent.
“Just as recently as the mid-year economic and fiscal update in December last year, we thought the unemployment rate would be 7.5 per cent, it is now at 5.6 per cent.”
“That means 200,000 more Australians are in work, and that can improve the budget bottom line by around $5 billion because you have $3 billion less in welfare payments going out and $2 billion more in revenue through taxes coming in,” the Treasurer said.
Despite Mr Frydenberg’s efforts to please the masses, shadow treasurer Jim Chalmers didn’t wait long to question the government’s ability to deliver on its promises in the absence of actual policy announcements, saying “they fall short of their rhetoric again and again”.
“What matters with the Morrison government is not what they announce in speeches but what they actually deliver… Of course, they should be more ambitious on full employment, we’ve been saying that all along,” Mr Chalmers said.
“But they don’t have a credible plan to achieve it.”
One thing, however, is certain as we approach 11 May – Mr Frydenberg is expected to splash a lot of cash to repair the economy.
RELATED ARTICLES
About the author
About the author
Economy
Economist calls for July RBA rate cut following inflation data
An economist from State Street Global Advisors has called for the Reserve Bank of Australia to cut interest rates in July following today's Consumer Price Index data for June. Read more
Economy
GDP data prompts economist to predict faster RBA rate cuts
Australia's latest GDP growth data has come in significantly below expectations, prompting an economist to suggest the Reserve Bank may need to ease monetary policy more aggressively. Read more
Economy
Global markets face turbulent start amid tariff concerns, but outlook remains cautious
Global equity and bond markets have experienced a turbulent start to 2025, primarily due to concerns that a potential tariff-driven trade war could heighten inflation and recession risks. Read more
Economy
RBA may cut rates faster if GDP data disappoints, economists say
The Reserve Bank of Australia may cut interest rates more quickly if next week's GDP data disappoints, economists said following today's consumer price index data for May. Read more
Economy
RBA delivers widely expected rate cut as inflation optimism balances global uncertainty
The Reserve Bank of Australia has cut the cash rate by 25 basis points, delivering on widespread market expectations while signalling a clearer directional shift towards less restrictive monetary ...Read more
Economy
Economist warns strong jobs data may delay further RBA rate cuts
Strong employment growth in April has put expectations for multiple interest rate cuts at risk, though upcoming economic data may clarify the need for lower rates, according to State Street Global ...Read more
Economy
Australian inflation continues downward trend, nearing RBA target
The Australian Bureau of Statistics (ABS) has reported that the Consumer Price Index (CPI) rose 2.7 per cent in the year to August, down from 3.5 per cent in July and 3.8 per cent in June. Read more
Economy
UK markets poised for gains after election, global geopolitical risks remain
Chris Iggo, Chief Investment Officer at AXA Investment Managers, has provided an optimistic outlook for UK markets following the recent general election, while cautioning about ongoing global ...Read more
Economy
Economist calls for July RBA rate cut following inflation data
An economist from State Street Global Advisors has called for the Reserve Bank of Australia to cut interest rates in July following today's Consumer Price Index data for June. Read more
Economy
GDP data prompts economist to predict faster RBA rate cuts
Australia's latest GDP growth data has come in significantly below expectations, prompting an economist to suggest the Reserve Bank may need to ease monetary policy more aggressively. Read more
Economy
Global markets face turbulent start amid tariff concerns, but outlook remains cautious
Global equity and bond markets have experienced a turbulent start to 2025, primarily due to concerns that a potential tariff-driven trade war could heighten inflation and recession risks. Read more
Economy
RBA may cut rates faster if GDP data disappoints, economists say
The Reserve Bank of Australia may cut interest rates more quickly if next week's GDP data disappoints, economists said following today's consumer price index data for May. Read more
Economy
RBA delivers widely expected rate cut as inflation optimism balances global uncertainty
The Reserve Bank of Australia has cut the cash rate by 25 basis points, delivering on widespread market expectations while signalling a clearer directional shift towards less restrictive monetary ...Read more
Economy
Economist warns strong jobs data may delay further RBA rate cuts
Strong employment growth in April has put expectations for multiple interest rate cuts at risk, though upcoming economic data may clarify the need for lower rates, according to State Street Global ...Read more
Economy
Australian inflation continues downward trend, nearing RBA target
The Australian Bureau of Statistics (ABS) has reported that the Consumer Price Index (CPI) rose 2.7 per cent in the year to August, down from 3.5 per cent in July and 3.8 per cent in June. Read more
Economy
UK markets poised for gains after election, global geopolitical risks remain
Chris Iggo, Chief Investment Officer at AXA Investment Managers, has provided an optimistic outlook for UK markets following the recent general election, while cautioning about ongoing global ...Read more
