This budget, the Federal Government has again focussed on job creation, but also on lifting wages. Ultimately the goal is one of ‘full employment’ – the fabled ‘sweet spot’ – the point where further falls in the jobless rate would produce effects such as price inflation.

The hard part is getting the sums right, as it is not possible to accurately define in practice (as opposed to theory), the precise level of ‘full employment’. Get the sums wrong and you create a boom that may be unfortunately followed by a bust.

Federal Budget Snapshot

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Federal Budget: 2021/2022

The focus is on jobs and services. There are measures to attract global businesses and talent from overseas. There is also a $506 million expansion of the JobTrainer program to assist young people and the unemployed into jobs. And more assistance is provided to business to take on new apprentices and trainees.

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