Creating jobs is the focus of Australia's annual budget set to be unveiled on Tuesday, Treasurer Josh Frydenberg said, as Canberra seeks to revive an economy ravaged by the COVID-19 pandemic.
SYDNEY - Creating jobs is the focus of Australia’s annual budget set to be unveiled on Tuesday, Treasurer Josh Frydenberg said, as Canberra seeks to revive an economy ravaged by the COVID-19 pandemic.Australia is grappling with its first recession in three decades, with unemployment rising to a 22-year high in July after authorities imposed lockdown measures to slow the spread of the coronavirus.
“I will lay out our economic recovery plan to rebuild the Australian economy,” Frydenberg told reporters in Canberra. Australia’s central bank left its cash rate at a record low of 0.25% on Tuesday, as expected, and said it continues to consider how additional easing could support jobs as the economy reopens.While declining to confirm the tax cut plans, the government said the budget will include a commitment to spend A$1.2 billion to pay 50% of the wages of 100,000 new apprentices or trainees over the next 12 months.
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