Public works skills threat; study return

Worker, materials shortages threaten infrastructure programs

Surging demand for skilled workers, materials and equipment looms as a major risk to the delivery of public construction projects in the next three years, according to Infrastructure Australia. A report by the Federal Government advisory agency said that major public infrastructure activity would near-double over the next three years, peaking at $52 billion in 2023. But Infrastructure Australia forecasted that peak demand for skills would be 48 per cent higher than supply, with an expected growth in demand for materials, plant and equipment of between 120 and 145 per cent.

Tudge calls for more diversified international education intake

Federal Education and Youth Minister Alan Tudge is hoping that “tens of thousands” of international students will return to Australia when border restrictions are relaxed. But in an address to an international education forum, Mr Tudge said the sector needed to be more sustainable and offer more opportunities for growth. He said universities should diversify their source countries to reduce the potential risk of an individual market’s decline to institutions and to taxpayers. Institutions also needed to encourage a broader skill offering, with greater enrolments in engineering, mathematics, technology and health, to enhance the nation’s skills base.

Andrews steps up fight on ransomware attacks

Home Affairs Minister Karen Andrews has unveiled a new government plan to disrupt and crack down on ransomware attacks on private and personal information held by individuals, businesses and critical infrastructure. Ms Andrews said the offensive on ransomware would include new criminal offences, tougher penalties and a mandatory reporting regime. New stand-alone aggravated offences would be introduced for all forms of cyber extortion and for cyber-criminals seeking to target critical infrastructure. Businesses with an annual turnover of more than $10 million are expected to be subject to the new mandatory regime.

Small business dominated JobKeeper funding, says Treasury

More than 80 per cent of JobKeeper payments in 2020 were directed to entities with a turnover of less than $50 million or were not-for-profit, according to analysis released by Federal Treasury. The Treasury analysis estimated that in May 2020 around 12 per cent of JobKeeper recipients – about 375,000 workers – had been stood down from their job and were only receiving JobKeeper payments. JobKeeper payments were made to around half of the individuals employed in the arts and recreation industry. Treasury also reported that around a total $13.8 billion was paid in the June and September 2020 quarters to businesses with a turnover increase compared to a year earlier.

RBA warning on investor appetite for climate risk

Reserve Bank of Australia deputy governor Guy Debelle has warned that investors would adjust their portfolios in response to climate risks, raising the stakes for Federal Government action on emission targets. In a speech this week, Dr Debelle added that governments in other jurisdictions were implementing net zero (emission) policies. As a result, investor action and the actions of other governments were effectively increasing the cost of emissions-intensive activities in Australia.

Jobless rate rises again

Australia’s rate of unemployment rose in September for the first time in 11 months, increasing slightly to 4.6 per cent. Seasonally-adjusted figures issued by the Australian Bureau of Statistics show that the rate of underemployment (those who want to work more hours) fell to 9.2 per cent. The latest rate of unemployment was 0.6 percentage points lower than at the onset of the Covid-19 pandemic in March 2020, but the latest rate of underemployment was 0.4 percentage points higher.