Features Of Australian Federal Budget 2011 Essay

Features Of Australian Federal Budget 2011 - Essay Example ies said that the inflationary pressure would further increase according to the profile of the budget and an anticipated fall in the unemployment rate. The HSBC chief economist Paul Bloxham believes that the budget may have an adverse influence on the risk elements around the inflation outlook. He argues that the government’s increased spending on skills training and encouragement on skilled immigration may not help ease inflation. The impact of Federal Budget on unemployment The terms of the Australian Federal Budget 2011 indicates that the budget can significantly reduce the unemployment rate. The budget forecasts that the country’s real GDP growth would increase by 4 percent in 2011-12 whereas the exports in 2011-12 would rise by 6.5 percent; in addition, the budget expects that unemployment rate would fall from 5 to 4.5 per cent during the next two years (‘Australian high commission media release- 12’, 2011). Presently, some of the households have not a breadwinner. Although, the Australian economy is badly in need of employees, unwilling and unskilled workers become a great threat to the country. However, the economy has created over 3000,000 jobs over the past year and hence it is estimated that the unemployment rate can be further reduced in 2013 by creating more job opportunities. The budget has set aside over $3 billion over six years as part of its â€Å"Building Australia’s Future Workforce† policy. This policy focuses on â€Å"developing stronger relations between industry and training organizations, modernizing apprenticeship programs, and reforming the national training system† (‘Employment & income support’, 2011,). The budget has provisioned for a $674 billion for productive strategies including employment outcomes. In addition, there is a... The budget forecasts that the country’s real GDP growth would increase by 4 percent in 2011-12 whereas the exports in 2011-12 would rise by 6.5 percent; in addition, the budget expects that unemployment rate would fall from 5 to 4.5 percent during the next two years. Presently, some of the households have not a breadwinner. Although, the Australian economy is badly in need of employees, unwilling and unskilled workers become a great threat to the country. However, the economy has created over 3000,000 jobs over the past year and hence it is estimated that the unemployment rate can be further reduced in 2013 by creating more job opportunities. The budget has set aside over $3 billion over six years as part of its â€Å"Building Australia’s Future Workforce† policy. This policy focuses on â€Å"developing stronger relations between industry and training organizations, modernizing apprenticeship programs, and reforming the national training system†. The budge t has provisioned for a $674 billion for productive strategies including employment outcomes. In addition, there is a $526.6 million provision in the Federal Budget for some other purposes which include the creation of employment opportunities for Indigenous Australians. Additionally, the government has designed a $8.5 million package over the next four years; one of the main objectives of this package is to improve the operational effectiveness of Job Services Australia and Disability Employment Services.