Australia to spend more on business in 2020/21 budget

The Government of Australia has said that it has fixed $859 million in its COVID-19 bases budget; adding that the amount will be spent to create employment opportunities.

According to the details, the step has been taken in hopes of getting the COVID-19 vaccine by next year. Treasurer Josh Frydenberg said a vaccine was a factor in his fiscal considerations.

Frydenberg said “The budget takes into account the possibility that is the case,” adding that  “We have worked hard with international counterparts to secure the vaccine for Australia.”

The Australian government said the budget would include a wage subsidy aimed at creating up to 100,000 apprenticeships.

PM Scott Morrison

The Prime Minister of Australia Scott Morrison said in his statement, that “We want to continue to recover what has been lost and get young people into work,”

“While the overall jobless rate fell to 6.8% in August, unemployment for those aged 15 to 24 hovered near 20%,” He added.

It should be noted that Melbourne has been under a strict lockdown for months, with the measures set to remain in place until the average number of new daily cases over a two-week window falls below five.

Victoria, Australia’s second-most populous state accounts for 90% of national Covid-19 deaths. Australia, with 893 fatalities, has fared far better than many other developed countries.