The five broad themes of the upcoming Jobs and Skills Summit have been laid out by the Treasury, giving industry groups, unions, and lawmakers a concrete understanding of the key issues under debate at next month’s landmark meeting.
In its first publicly released issues paper, published Wednesday, Treasury declared maintaining full employment while upholding productivity, boosting job security and wages, lifting workforce participation, bolstering skills in the labour force, and maximising industry potential as core themes of the Summit.
In particular, the paper hones in on the labour market headwinds linked to each of those five areas, and asks participants of the September 1-2 event to deeply consider the issues before negotiations begin.
With the unemployment rate at multi-decade lows and the participation rate at an extraordinary high, the paper asks participants to consider what can be done to maintain full employment while also nudging productivity from its stubbornly mediocre levels.
Sample questions include “What policies would be most effective to sustaining full employment into the future and what are the biggest challenges and risks to achieving this?”, and “How can we best take advantage of structural changes like digitalisation, climate change, the shift to renewable energy, the ageing population, and growth in the services sector and care economy to boost productivity and sustain full employment?”
On jobs security, hailed as a major priority by Labor in the run-up to its May federal election victory, the paper asks participants what they want to see out of a retooled enterprise bargaining system.
It also asks attendees what they believe should be done to promote equal working opportunities for women while reducing the gender pay gap.
“Throughout the Summit there will be a strong overarching focus on women’s experiences of the labour market and ensuring women have equal opportunities and equal pay,” the paper said.
Gender equity issues flow into the paper’s consideration of workforce participation rates.
“What strategies can be used to reduce discrimination and increase awareness of the value that diversity can bring to businesses and the broader economy?” the paper asks.
The skills section dwells on how Australia can provide adequate training for the jobs of tomorrow, feeding in to Labor’s $1.2 billion pledge to provide free TAFE courses and thousands of new university places.
It also asks Summit participants to consider their viewpoints on Australia’s migration system, and how it can “complement Australia’s domestic workforce while also delivering enhanced economic and social outcomes over the long term”.
On the future of Australia’s industrial mix — a key point for industry groups like the Business Council of Australia — the paper ponders issues of climate and equity, particularly for those dubbed frontline workers and those in regional Australia.
“How can government and businesses maximise the opportunities presented by the structural trends impacting the economy, including the climate and energy transition, while ensuring the benefits are shared fairly?”, it asks.
The paper is backdropped by today’s revelation that the unemployment rate has fallen 0.1% over the month to just 3.4%, showcasing the tightness of today’s labour market and the difficulty of many businesses to find the staff they need to grow.
At the same time, Wednesday’s Wage Price Index data showed wages rose just 2.6% over the year to June, suggesting headline inflation of 6.1% is cutting workers’ purchasing power.
“Australia’s economy and labour market face complex challenges,” the paper notes, while hailing the potential of the looming summit.
“If we work together to address these opportunities and challenges, we can meaningfully increase living standards for more Australians.”
Senior Business Journalist
Focused on the small business sector, David’s work covers the political, regulatory, and economic issues facing Australian entrepreneurs. Prior to joining SmartCompany, he was a reporter for Business Insider Australia. You can follow him on LinkedIn.
