According to McKinsey & Company, 330,000 jobs in retail and in the building industry will be lost by March 2021 unless the government introduces further subsidies. Professor of Finance at the University of New South Wales Max Tani analyses the report.
According to McKinsey & Company, the government must act beyond March 2021 to ensure that over 330,000 jobs are not lost.
However, according to Professor of Finance at the University of New South Wales Max Tani, "the government is already doing a lot in these areas, unlike others", such as education, where not much has been done yet.
Highlights
- Research by McKinsey & Compoany has found that up to 330,000 jobs could be lost in the construction and retail sectors.
- Australian trade unions are calling for the elimination of the working holiday visa and for the prioritisation of employment of Australian workers.
Professor Tani added that the government "should spend in an intelligent and structural way, aiming at investments in the field of climate change and energy savings".
On the issue of calls by trading unions forwork ing holiday visas to be scrapped to preserve Australian jobs Professor Tani said it's a "complex situation" because, on one hand, the wage increase required for Australians to work in agriculture would make fruit and vegetable prices prohibitively expensive, while on the other, the opportunity to help people in Pacific nations who could benefit from low-skilled manual labor and help develop their countries' economies would be lost.
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