A big theme in treasurer Scott Morrison’s budget speech is that our economy is getting stronger.
And that means, in his words: Better Days Ahead.
And that, says Morrison, means more and better paying jobs are around he corner.
“Australia’s transition away from the investment phase of the mining boom towards broader-based drivers of economic growth is well advanced,” according to the budget papers.
“Historically low interest rates, a lower exchange rate and a flexible jobs market are all helping to facilitate the economic turnaround.
“Despite large falls in mining investment and commodity prices from record highs, the economy has generated solid jobs growth over the past few years.”
The budget projections show growth in the Australian economy is expected to rebound to 2.75% in 2017-18 and 3% in 2018-19 as the detraction from mining investment eases and as growth in household consumption and non-mining business investment improves.
“As the transition progresses, jobs are continuing to be created in the services and construction sectors.,” according to the budget papers.
“We are also well placed to benefit from an improving outlook for global growth. Resource exports will continue to support growth. Strong demand from Asia for Australia’s tourism and education services will also drive further rapid expansion in our services exports.
“This Budget aims to provide the conditions for a smooth transition, building on the Government’s plan for more and better paying jobs.”
More budget coverage:
- BUDGET 2017: WHAT YOU NEED TO KNOW
- NEW TAX, BONUSES HELD FOR YEARS: Australia’s top bankers are the budget’s biggest losers
- A new visa will let citizens bring their foreign-born parents to Australia for up to 5 years
- How the 2017 budget will affect millennials who like smashed avocado toast
- People who smoke ‘rollies’ because they think it’s cheaper are about to be taxed the same amount as packet cigarettes
Business Insider Emails & Alerts
Site highlights each day to your inbox.