Economic growth surge as Feds focus on critical minerals
PM responds to final report on aged care
More than $450 million in additional funding will be spent by the Federal Government in response to the final report of the Royal Commission into Aged Care Quality and Safety. Prime Minister Scott Morrison said the $452 million allocation would address immediate priorities, including $92 million to provide a skilled aged care workforce and additional resources to enable more aged people to remain in their own homes.
Industry fund for critical minerals processing
A 10-year strategy has been established by the Federal Government to help manufacturers source critical minerals and resources for new technology products. Prime Minister Scott Morrison said manufacturers could apply for funding from the $1.3 billion Modern Manufacturing Initiative to help scale-up production and commercialise products through improved access to critical minerals and resources. Industry Minister Karen Andrews said opportunities under the initiative included turning critical minerals into high-value products such as batteries and solar cells.
Household spending, investment power economic growth
Australia’s economy continued to rebound in the December 2020 quarter, with stronger household spending contributing to 3.1 per cent growth in Gross Domestic Product. Australian Bureau of Statistics figures show that household expenditure jumped 4.3 per cent in the last three months of 2020, with private investment rising 3.9 per cent. Despite the positive growth figures, the ABS said economic activity remained 1.1 per cent lower than recorded in the 2019 December quarter.
Retail trade recovers after December restrictions
Australia’s retail trade turnover edged 0.5 per cent upwards in January, after falling during Covid-19 restrictions imposed in December 2020. ABS seasonally-adjusted estimates show that apart from Queensland, all states and territories reported an increase in retail trade turnover. Food retailing was the strongest performer, with turnover falling in department stores and in clothing, footwear and personal accessory retailing. Turnover was 10.6 per cent higher through the year since January 2020.
Travel ban extended three months
Federal Health Minister Greg Hunt has extended international travel bans for Australians by three months, until at least 17 June. The provisions apply under the Biosecurity Act 2015, with the human biosecurity emergency period established on 17 March last year. Mr Hunt said the Government was working with state and territory agencies, national health committees and the cruise industry to develop a framework for the staged resumption of cruise ships in a manner proportionate to the public health risk.
Federal parliamentary inquiry probes skilled migration issues
Amid reports of ongoing shortages of workers in crucial industries, the head of Australia’s skills authority has committed to identifying labour market needs during the recovery from Covid-19. The National Skills Commissioner, Adam Boyton, told a Federal parliamentary inquiry into skilled migration that his commission would examine the lasting impacts on distribution of occupations and potential structural change. He said the commission was responsible for advice to government on the priority migration skilled occupation list. The House of Representatives inquiry has been told of skills shortages across Australia in occupations as diverse as veterinarians and metal fabricators.