Stimulating Economic Growth in Victoria by Creating Jobs
Employment is the driving force behind economic growth anywhere in the world. The same reason unemployment is to economic stagnation that could eventually lead to collapse. Last year, the pandemic caused so many changes on a global scale. People lost jobs temporarily – some, permanently. This year, the goal of so many countries is to recover from these huge losses plus get back on track and stimulate a healthy economic growth. To be able to do that, employment is key and the government should be able to provide a supportive environment for this.
According the latest data from the Australian Bureau of Statistics, latest records show that nearly 30,000 individuals found employment in Victoria in May this year alone. In addition, Victoria’s unemployment reached a huge decline dropping by 0.7 percent. It now sits at 4.8 percent below the current national rate of 5.1 percent. It is even much lower than the stats recorded in March last year, which was when the pandemic had just begun and the impact was not yet as distressing.
After months of lockdown, Victoria opened up industries so recovery could soon begin. This was part of the Victorian Budget 2021/2022 with the investment of $26 billion in statewide initiatives. The goal or target in mind is to create more jobs and reach 400,000 jobs by year 2025. So far, there is enough reason to be more optimistic than ever before with about 252,000 jobs already created between September 2020 to May 2021.
“The building and construction industry has been considered such an important part of the economy’s recovery especially after the pandemic’s impact. More projects would mean more jobs created, so the government is really trying its best to support these projects by creating initiatives that could get more people to work.”
Over the next four years, 38,000 jobs are targeted to be created. Included in the budget is the $206 million in training support, graduate placements for nurses, about 140 postgraduate scholarship grants for mental health, and 60 graduate placements for allied professionals. Support for small businesses amounting to $500 million as well as events and the entertainment industry that was severely affected by the pandemic was also provided to ensure that steps to recovery could be taken.
In order to completely recover from this pandemic, there has to be solutions made and it is looking like the creation of jobs in Victoria is the government’s top priority. Seems like this is paying off because job growth is going stronger and stronger.
The construction and building industry have immense role to play in the creation of more jobs. Infrastructure or public works put people back to work, and funding projects such as this would
Treasurer Tim Pallas adds that the best for the economy to bounce back is to deal with public health situation first, and then with the rate that the job creation is going, the measures done will create a fairer community for all Victorians.