- Australia is set to announce a new economic policy focused on achieving sustainable and inclusive full employment as it seeks to cement its position as the country’s strongest labor market in nearly five decades.
- The policy emphasizes that anyone looking for work can find it without extensive job searches.
- The primary objective is to ensure that Australians reap the benefits of economic transformations, positioning them as beneficiaries rather than victims of evolving economic dynamics.
Australia will pursue sustainable and inclusive full employment to guide future economic policy, the government will announce on Monday, in a bid to consolidate gains in the strongest labor market in nearly 50 years.
In an Employment White Paper, the Labor government will set a new target for full employment – permanent and inclusive, meaning everyone who wants a job can find it without having to look long, according to excerpts seen by Reuters the manufacture.
It will also include initiative and policy directions to address labor market underutilisation, after the paper found that millions of Australians face major barriers to employment despite wanting to work more.
“Today our unemployment rate is near historic lows and our participation rate is near record highs,” Treasurer Jim Chalmers said in a statement accompanying newspaper clippings.
“This places us well ahead of the immediate challenges of slowing economic growth and continued global uncertainty, but more needs to be done to shape the future direction of our labor market and bring the benefits of employment closer to more of our people. ”
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The government will make an effort to distinguish its long-term employment targets from technical estimates.
The Reserve Bank of Australia estimates that the unemployment rate, which is hovering at 3.7%, will need to rise to around 4.5% to help return inflation to the 2%-3% target range.
The labor market has shown little sign of easing even as the RBA raised interest rates by 400 basis points to an 11-year high of 4.1% to curb domestic demand.
The reform directions outlined in the White Paper will guide current and future policy work, including the Government’s immigration strategy and investment in the skills and higher education sectors.
“We want Australians to be beneficiaries, not victims, of the big changes shaping our economy and that’s what the Jobs White Paper is all about,” Chalmers will say.