Treasurer’s office says dip set to last years, as Labor points to stagnant wages and vows to lift them
That figure would also be 3 percentage points lower than what the 2020-21 budget, delivered in the first year of the Covid pandemic, had forecast for unemployment – with dire predictions at that time of a 7% unemployment rate.“It has been the result of a clear fiscal strategy to save jobs and drive the unemployment rate to historically low levels which today at 4% is it at its equal lowest level in 48 years.
Labor has made criticism of stagnant wages growth under the Coalition a key feature of its economic pitch ahead of the election. The opposition leader,, promised on Monday that a Labor government would “be doing our bit to assist real wage increases”. Frydenberg said 701,000 Australians had come off unemployment benefits, and 1.2 million people had gone into work, since the height of the pandemic, but that there was still “more to do”.
A centrepiece of last year’s budget was a $17bn response to the aged care royal commission, which funded new home care packages and upgrades to services for elderly people. New rules also required nurses and carers to spend more time with residents, in a bid to ensure greater standards of care.
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