search

Australian Government Warned to Slash $16 Billion Industry Assistance Spending

The Productivity Commission has warned the Australian government to limit its industry assistance spending following the economy’s recovery to avoid negative impacts.
A report by the commission found that the federal government spent at least $16 billion (US$11.14 billion) to support various industries in the 2020-2021 financial year, up $4.2 billion from the previous year.
The above figure was separate from the JobKeeper subsidy program and a number of emergency relief measures implemented by the previous Morrison government, which were estimated to have a price tag of $92 billion.
In addition, around $2.4 billion, or 15 percent of the assistance spending in 2020-2021, was channelled to COVID-19 pandemic-related programs, providing significant benefits to the transport, construction, and arts and recreation sectors….

Related Post

This website uses cookies.