Australian Federal Budget 2024
Published: 15 May, 2024
Skills Shortages & Jobs
Off the back of the Federal Budget announcement last night, Matthew Dickason, CEO APAC at HAYS, commented on behalf of current, future and potential employees across the country: “Australia’s continued success hinges on empowering individuals to embrace future opportunities. And the budget’s emphasis on creating jobs in the renewable energy sector is a welcome move towards a sustainable future.
“The Future Made in Australia initiative’s focus on renewable energy reflects a promising step towards positioning Australia competitively on the global stage and the significant investment of $22.7 billion shows the government is looking to help Australians be the beneficiaries of the opportunities the green economy offers, not the casualties. ”
“It's heartening to see forward-thinking allocations with the likes of fee-free TAFE places, higher education reforms, and initiatives like the New Energy Apprenticeships Program. Investments in defence industry capability and shipbuilding workforce also should strengthen Australia's strategic assets at a time when the country faces a worsening geostrategic landscape.”
“While the Government is taking steps to enhance skills crucial for our nation's future, its efforts fall short. Australian businesses are grappling with skill shortages, which is hindering their growth potential right now. This is affecting areas like Housing. For instance, the government's target of constructing 1.2 million additional homes within the next five years is already predicted to be missed as indicated by the recent State of the Housing System report.”
“This, alongside the imperative for new construction and infrastructure builds across the nation to realise the benefits of the move to net zero means there is further opportunity to find the skills that are desperately needed by Australian organisations. Simply bringing in 1900 new skills construction workers will not close the gap here.”
“What’s needed is a far more robust approach to upskilling existing workforces, which looks at better on-the-job learning and development at a time when these programs are hard to implement because of the cost of doing business. Also, the Government should look more closely at flexible engagement models as allowing this for skilled workers supports knowledge transfer and on-the-job upskilling that goes on to benefit businesses.
Further, the recent workplace relations changes have created tremendous uncertainty and has increased the cost and regulation of employment which may hinder attempts to increase the productivity and agility of Australian businesses.”
“By empowering businesses to align growth ambitions with requisite skill sets and workforce strategies, economic growth will be far more in sync with emerging opportunities in green industries. At the same time, it's critical to identify adjacent industries where workers possess transferable skills, facilitating targeted interventions to bridge competency gaps.”
Small Business / Start Ups
Off the back of the Federal Budget announcement last night, Matthew Dickason, CEO APAC at HAYS, commented on behalf of Australia’s small businesses: “Small business is the backbone of our country given it comprises 97% of total businesses, so the extension of the instant asset write-offs and the rebates for energy bills for around one million small businesses are positive steps in providing much-needed relief.”
“But we know first hand that today's economic landscape and rising cost of doing business is threatening small businesses, so more can definitely be done to lessen the burden they’re facing, especially considering extortionately high operational costs and subdued consumer spending.”
“The record-high number of insolvencies in certain industries shows the urgency of more targeted support.”
“The lack of support for entrepreneurs and start ups in this budget also poses a significant barrier to fostering innovation across all layers of the economy. Innovation thrives when all businesses, regardless of size, are empowered to contribute. Overlooking the needs of smaller and start up businesses risks stifling innovation and inhibiting their ability to succeed.”
“It’s essential that we don’t overlook all this, so the Government should more clearly focus on programs tailored to bring smaller businesses and start ups into the fold of future opportunities, which will create broader economic benefits beyond big business.”
Diversity
Off the back of the Federal Budget announcement last night, Matthew Dickason, CEO APAC at HAYS, commented on the Budget’s view to foster diversity and inclusion within the STEM workforce: “STEM jobs are a national priority as the Government looks to future proof the workforce with in-demand roles. We welcome measures to boost diversity in STEM as the field remains under-resourced and women remain underrepresented.”
“The $38.2 million allocation to support women in STEM in the Pathway to Diversity program, is a positive step towards increasing gender diversity in this sector. It represents a crucial investment in ensuring that women have equal opportunities to thrive and succeed in STEM-related fields.”
“Also, the inclusion of measures to support Australians with disabilities in preparing for and finding employment, including the Specialised Disability Employment Program, is a significant commitment to enhancing employment opportunities and promoting workforce participation for individuals with disabilities.”
“But one key aspect that’s perhaps been missed when it comes to enabling diversity across abilities and genders is the adoption of flexible engagement practices, which would allow these individuals to fully participate in economic opportunities and contribute their valuable perspectives to our organisations. These programs and initiatives, while great, don’t go far enough to answer the need for flexibility in the workplace for individuals with different physical, neurological, or caregiving constraints.
“As an organisation that operates in metro and regional areas of Australia, we welcome the Government’s new Remote Jobs and Economic Development program to encourage jobs in remote areas of Australia and the government’s moves to enhance Indigenous Business Australia’s ability to invest in First Nations housing, communities and businesses.
“Supporting diversity and inclusion in the workforce is not only a moral imperative but also a strategic advantage. By leveraging the diverse talents and perspectives of all individuals, Australia will be in a much better position to drive innovation, creativity, and ultimately, economic growth.”
- Ends -
For further information please contact media@hays.com.au
About Hays
Hays plc (the "Group") is the world’s leading specialist in recruitment and workforce solutions, such as Recruitment Process Outsourcing (RPO) and Managed Service Provider (MSP). The Group is the expert at recruiting qualified, professional, and skilled people worldwide, being the market leader in the UK, Germany, and Australia and one of the market leaders in Continental Europe, Latin America, and Asia. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As of 31 December 2024, the Group employed over 10,300 staff operating from 225 offices in 33 countries.
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