Invest
Is Morrison’s stimulus package just jobs for the boys?
The COVID-19 economic impact has hit women harder than men, yet men are the ones who will benefit most from Scott Morrison’s home renovation package, according to new research.
Is Morrison’s stimulus package just jobs for the boys?
The COVID-19 economic impact has hit women harder than men, yet men are the ones who will benefit most from Scott Morrison’s home renovation package, according to new research.
Research collated by the Australian Institute shows women have disproportionately lost their jobs and hours of work in the recession, yet the government’s latest package will be of little benefit to them.
“Between March and April, the number of women employed fell 5.3 per cent compared with 3.9 per cent for men. And for hours worked, the pattern was the same, with women losing 11.5 percent of their hours compared with the loss by men of 7.5 percent. It is clear that women are facing the brunt of the recession so far,” said Dr Richard Denniss, chief economist at The Australia Institute.
“But despite the clear evidence that women are disproportionately losing their jobs and incomes, the Morrison government is developing stimulus policies that disproportionately favour male-dominated industries.”
The Australia Institute has found that every $1 million spent on education creates 10.6 jobs for women, while every $1 million spent on construction creates only 0.2 jobs for women.
“If the government is serious about maximising the number of jobs it creates, then it needs to focus its stimulus spending on industries like education, health and tourism,” Mr Dennis noted.
In 2019, around 1.15 million Australians worked in the construction industry, which according to government data is about 9 per cent of the workforce.
The government also states that the construction industry generates $360 billion in revenue, producing around 9 per cent of Australia’s gross domestic product.
However, Mr Denniss argued that while it has benefits to the national economy, a better designed policy would’ve been fairer for both males and females.
“While the construction industry has a clear role to play in Australia’s economic recovery, spending taxpayer money on construction will do little to create jobs for the hundreds of thousands of women who have lost their jobs in the services sector.”
“Well-designed stimulus policy aims to create as many jobs as possible per million dollars spent, and it also aims to create jobs for people with the skills to work in the industries who have recently become unemployed,” he said.
Mr Denniss also states that the economic stimulus could target other areas, resulting in greater overall impact for unemployed people.
“The Prime Minister seems to like wearing a hard hat when he talks about job creation, but like the Prime Minister himself, the vast majority of Australians don’t wear hard hats to work each day. Australian policymakers need to focus our stimulus spending on the industries that create a lot of jobs, not the industries that look best in the background of a press conference,” he concluded.
Did you enjoy this article? You may also be interested in:
About the author
About the author
Economy
5 ways the election could impact your US investments
With the Biden v Trump election just around the corner, investors in the US market need to watch out for a host of possible scenarios in the event of a changing government, an industry expert has flag...Read more
Economy
Lots of ammo, wrong target: Budget fails to hit its mark
The latest Treasury budget is the right size but is poorly targeted, with the focus on supply when a lack of demand is the real issue, according to an expert. ...Read more
Economy
Administrations rise as zombie firms accept reality
Business administrations have started to rise for the first time since June, with Victoria and Queensland recording the biggest spikes, new data from CreditorWatch has shown. ...Read more
Economy
Does the central bank favour the rich?
Current monetary policy strategies, including slashing cash rates and quantitative easing, are inflating asset prices and creating a greater inequality gap, an industry expert has said. ...Read more
Economy
Renewable energy, childcare subsidiary to kickstart the economy
Opposition Leader Anthony Albanese has promised childcare subsidies and an overhaul of the energy system as part of his plan to kickstart the economy. ...Read more
Economy
Rate cuts possible on Melbourne Cup Day: expert
The Reserve Bank of Australia could be looking to adjust official interest rates on Melbourne Cup Day for the first time in more than a decade, according to mortgage aggregator Finsure Group. ...Read more
Economy
Super fund CEO slams economic weaknesses
One of Australia’s biggest super funds has called the 2020 budget a “missed opportunity” to address the systemic weaknesses in the economy which have been exposed by COVID-19. ...Read more
Economy
Budget 2020 unveiled: The path out of the pandemic
Seven months overdue, the long-awaited federal budget has been delivered, setting out a much-anticipated plan for economic recovery post-COVID-19. Here’s what this might mean for you. ...Read more
Economy
5 ways the election could impact your US investments
With the Biden v Trump election just around the corner, investors in the US market need to watch out for a host of possible scenarios in the event of a changing government, an industry expert has flag...Read more
Economy
Lots of ammo, wrong target: Budget fails to hit its mark
The latest Treasury budget is the right size but is poorly targeted, with the focus on supply when a lack of demand is the real issue, according to an expert. ...Read more
Economy
Administrations rise as zombie firms accept reality
Business administrations have started to rise for the first time since June, with Victoria and Queensland recording the biggest spikes, new data from CreditorWatch has shown. ...Read more
Economy
Does the central bank favour the rich?
Current monetary policy strategies, including slashing cash rates and quantitative easing, are inflating asset prices and creating a greater inequality gap, an industry expert has said. ...Read more
Economy
Renewable energy, childcare subsidiary to kickstart the economy
Opposition Leader Anthony Albanese has promised childcare subsidies and an overhaul of the energy system as part of his plan to kickstart the economy. ...Read more
Economy
Rate cuts possible on Melbourne Cup Day: expert
The Reserve Bank of Australia could be looking to adjust official interest rates on Melbourne Cup Day for the first time in more than a decade, according to mortgage aggregator Finsure Group. ...Read more
Economy
Super fund CEO slams economic weaknesses
One of Australia’s biggest super funds has called the 2020 budget a “missed opportunity” to address the systemic weaknesses in the economy which have been exposed by COVID-19. ...Read more
Economy
Budget 2020 unveiled: The path out of the pandemic
Seven months overdue, the long-awaited federal budget has been delivered, setting out a much-anticipated plan for economic recovery post-COVID-19. Here’s what this might mean for you. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
