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Historic 2020 Budget to Recover the Australian Economy

Last night the Morrison government delivered an historic budget, considered one of the most important since World War II and with a record commitment to driving employment and recovering the Australian economy.

Historic 2020 Budget to Recover the Australian Economy

The key points in the 2020 Budget included:

Boosting Apprenticeship Commencements

  • In addition to the $2 billion spent on the Supporting Apprentices and Trainees  50% wage subsidy, an additional $1.2 billion has been committed for employers to place a new or recommencing apprentice or trainee, with the goal of 100,000 new and recommencing apprentices and trainees placed.

Youth Employment

  • JobMaker – $4 billion investment to encourage business to employ a young job seeker, expected to create 450,000 jobs for young Australians. The initiative will provide $200 per week to employers when employing a young person aged 16-29 and $100 per week for employing someone 30-35. The new employee must be working 20 hours or more per week

Vocational Education and Training

  • JobTrainer package – a $1 billion commitment was made to the vocational sector to provide no-cost or low-cost training, expected to skill-up 340,000 school leavers and job seekers.
  • $240.4 million to deliver employment opportunities, support to parents and support for women in the workplace including employment programs to support women’s leadership and development, and increase opportunities for women in science, technology, engineering and mathematics (STEM), business and male-dominated industries.
  • Businesses needing to retrain workers will be exempt from fringe benefits tax if they reskill or retrain workers facing redundancy.

Jobs Growth 

  • $14 billion in new and accelerated infrastructure projects over the next four years. These projects will support a further 40,000 jobs during their construction.
  • $2 billion investment in road safety upgrades, given to States and Local Governments on a ‘use it or lose it’ basis.
  • $2 billion for building water infrastructure to increase water security and support our agricultural industry.
  • $250 million to modernise our recycling infrastructure to help create a further 10,000 jobs.
  • $150 billion in indigenous communities for home construction and to create jobs in indigenous remote communities.
  • $1.5 billion commitment to ‘turbo charge’ modern manufacturing which is estimated to create over 80,000 direct jobs and thousands more in indirect jobs over the coming decade.

Mental Health Support

  • $3.9 billion extra into NDIS with a focus on assisting youth living with mental health issues into work.
  • Funding will also go to organisations like Headspace, Beyond Blue and Lifeline and the current 10 subsidised mental health appointments will double to 20 subsidised appointments.

BUSY At Work provide a range of employment and apprenticeship solutions to assist your business and can advise on all current available incentives.

For more information call us on 13 28 79 or email busy@busyatwork.com.au

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