{"id":143377,"date":"2023-09-22T13:07:24","date_gmt":"2023-09-22T13:07:24","guid":{"rendered":"https:\/\/celebritywshow.com\/?p=143377"},"modified":"2023-09-22T13:07:24","modified_gmt":"2023-09-22T13:07:24","slug":"treasurer-promises-a-secure-fairly-paid-job-for-everyone-who-wants-one","status":"publish","type":"post","link":"https:\/\/celebritywshow.com\/lifestyle\/treasurer-promises-a-secure-fairly-paid-job-for-everyone-who-wants-one\/","title":{"rendered":"Treasurer promises a secure, fairly paid job for everyone who wants one"},"content":{"rendered":"

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Getting workers enough hours and helping people who have given up on finding a job back into the workforce will be key to the federal government\u2019s employment plan in the wake of its jobs and skills summit last year.<\/p>\n

Having revealed the first budget surplus in 15 years on Friday, Treasurer Jim Chalmers will on Monday release the employment white paper, centred around the government\u2019s own definition of full employment, which could help it navigate the uncomfortable fact that the country has a better-than-full employment rate under the technical definition.<\/p>\n

<\/p>\n

Treasurer Jim Chalmers said the government has its own definition of full employment.<\/span>Credit: <\/span>Alex Ellinghausen<\/cite><\/p>\n

Australia\u2019s unemployment rate is currently 3.7 per cent, close to the near 50-year lows it first reached in July last year. But on a technical definition of full employment, it would have to rise to about 4.5 per cent to be at a level that does not cause inflation to increase.<\/p>\n

Chalmers on Friday reconciled having a technical definition of full employment \u2013 called the non-accelerating inflation rate of unemployment, or NAIRU \u2013 alongside the government\u2019s own goals when it comes to bolstering the Australian workforce.<\/p>\n

\u201cIt\u2019s possible to have a narrow, technical assumption about full employment which feeds the forecasts of the Reserve Bank and the Treasury and others,\u201d he said. \u201cBut what I\u2019ve tried to do is to say that that is very different from the government\u2019s objective, the government\u2019s aspiration.<\/p>\n

\u201cOur government\u2019s objective is a good, secure fairly paid job for everyone who wants one without looking for too long. That\u2019s our objective. And that\u2019s what the white paper is built on.\u201d<\/p>\n

Extracts from the white paper released by the government on Friday evening said Labor\u2019s proposed definition was a \u201cbroader and longer-term objective\u201d than the current technical definition.<\/p>\n

\u201cAn estimate of the NAIRU \u2026 does not capture the full extent of spare capacity in our economy or the full potential of our workforce,\u201d the white paper said.<\/p>\n

That spare capacity includes the 2.8 million people who are not working the number of hours they would like or need to work, and those who were previously unemployed but had given up looking for a job.<\/p>\n

\u201cFor every person in Australia reported in the labour force statistics as unemployed, there are four others who want to work but are not actively searching or available to work, or who want to work more hours,\u201d the white paper said.<\/p>\n

Chalmers said it was about creating a dynamic, and a more inclusive labour market, but also about strengthening the economy.<\/p>\n

\u201cObviously, in order to lift living standards and to get wages moving in a responsible and sustainable way, we need to make our economy more productive, more dynamic, more competitive,\u201d he said.<\/p>\n

The treasurer on Friday unveiled the first federal government surplus in 15 years, which he said was a result of saving higher-than-expected tax revenue, spending restraint, and savings.<\/p>\n

The final budget figures showed $13.2 billion in additional tax receipts helped boost the budget bottom line.<\/p>\n

The majority of that \u2013 $12.7 billion \u2013 was from a higher corporate tax take, thanks to higher prices for resources such as iron ore. Those prices have been driven up as the war in Ukraine disrupted (and continues to disrupt) supplies of commodities.<\/p>\n

Another factor that helped was that government payments were $4 billion less in 2022-23 than originally expected, and that was largely due to lower-than-expected demand for COVID-related products and services.<\/p>\n

That included spending $700 million less than expected on Medicare Benefits Scheme services such as COVID-related pathology, and $500 million less on PBS products driven by a lower uptake in COVID-19 vaccines.<\/p>\n

Finance Minister Katy Gallagher said the federal government also found $40 billion in savings over its first two budgets, including $7 billion in the 2022-23 financial year, which has helped the bottom line.<\/p>\n

Shadow treasurer Angus Taylor said the surplus had been delivered off the back of strong commodity prices and it was unclear if Labor could repeat the feat in its next budget.<\/p>\n

\u201cThis surplus was largely driven by soaring commodity prices and higher tax receipts from Australians working harder for less to keep up with skyrocketing bills and prices under Labor,\u201d he said.<\/p>\n

Cut through the noise of federal politics with news, views and expert analysis from Jacqueline Maley. Subscribers can sign up to our weekly Inside Politics newsletter here.<\/strong><\/em><\/p>\n

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