Australia’s employment sector received a boost this week, after the federal government released the draft bill for its $1 billion Australian Jobs Act yesterday (March 21).
The federal initiative, which is now open for public comment, aims to generate more jobs for Australians by providing vital support to industries to help create high-skilled positions.
Under the proposed legislation, all projects worth more than $500 million will require Australian Industry Participation (AIP) plans to help more local companies secure work on domestic developments, as well as foreign deals.
Businesses that don’t conform will face strengthened compliance provisions from the newly established Australian Industry Participation Authority.
The scheme, which may boost Indigenous employment opportunities, will also help small and medium sized enterprises expand.
Minister for industry and innovation Greg Combet said the draft bill is a major win for Australian businesses.
“Australian firms have indicated that multinational developers undertaking large-scale projects in Australia often bring their established supply chains with them rather than giving work to local suppliers,” Mr Combet explained.
“This means Australian manufacturing, construction and service businesses are missing opportunities to grow and to create new jobs.”