The Government has announced two new schemes to create jobs. These will be of great benefit to small and medium-sized businesses.
By ATB Partners
Ok, so the bad news is that around 800,000 Australians have lost their jobs since Covid-19 started to wreak havoc earlier this year.
The good news is that the Federal Government is committed to restoring these jobs in innovative ways. It has just announced two new schemes that are designed to encourage businesses to create jobs.
‘Job Trainer’ has been announced as a ‘$2 billion investment.’ It will mean that almost 200,000 apprentices around Australia can have their pay covered. And under the scheme school leavers will also be offered free training, this will go a long way towards supporting the 300,000 school leavers looking for work after they graduate at the end of 2020.
‘Job Maker’ has also been announced – targeted at tradesmen and skilled workers as instrumental figures for leading Australia out of the crisis. Tax and industrial relations reforms are also on the Job Maker agenda.
Details are still emerging. They are both a critical part of the ‘second phase’ of the Federal Government’s fiscal stimulus to aid national economic recovery.
Job Keeper will be changing. Those businesses and individuals who really need financial support, and are relying on Job Keeper, won’t be left hanging. but any businesses currently receiving Job Keeper need to prepare for the changes ahead.
It has to be said that although it wasn’t perfect, the initial round of Government stimulus which began in March has cushioned the blow for many over the past few months. This second phase is much more considered, and it will target the industries which need it most.
The Government will be managing the delicate balancing act of keeping the economy ticking over, but also ensuring that there’s enough money in the coffers in case Covid-19 takes a further toll.
Coming out of lockdown was always going to be a precarious time and the months ahead are going to be tough, especially as the rest of the world is still very much in recovery too.
Certainly there is serious concern about the impact of the second wave of the virus in Victoria and the hot spots emerging in New South Wales, but for now we simply have to ‘keep on keeping’ on, ensuring that our staff, and customers, are well protected, and we can do this by following the guidelines set out by the health authorities.
Right now is a critical time for small business, particularly considering that the annual Christmas Cashflow Crunch – something most won’t have had the turnover or profit to prepare for this year – and is only just a few months away.
So, talk to us. Find out what government support might be available to you. Aside from Job Trainer, Job Maker and JobKeeper, there are also some business grants available at this time.
We also offer tax advice, business mentoring, and financial planning services.
We’re keeping abreast of all the changes, and will be posting updates here on the website as well as on Facebook and LinkedIn. Keep an eye out for our free informative webinars too.