Paul Scarr (Queensland, Liberal Party) Share this | Link to this | Hansard source

I won't speak for much longer in relation to this matter. But I want to make one point in relation to the Economic Recovery Package (JobMaker Hiring Credit) Amendment Bill 2020 that I think is very important for the Senate to consider. The JobMaker hiring credit is one aspect, one element, amongst a matrix of elements that are part of the budget process that are being put forward to encourage all sectors of our economy to employ people and work their way through the pandemic. The response from consumers and from the business sector, across the board, to the 2020-21 budget was extraordinary. The ANZ Australian job advertisements rose 9.4 per cent in October, following an 8.3 per cent increase in September, and have now regained more than three-quarters of the fall recorded in March and April. According to the NAB business survey, business conditions rose seven points in September. According to Alan Oster, NAB Group chief economist:

Confidence increased in the month, building on the gains of last month, and is now well above the trough in March.

The monthly Westpac-Melbourne Institute Index of Consumer Sentiment rose by 11.9 per cent in October after the release of the federal budget. Today, the ANZ-Roy Morgan Australian Consumer Confidence results came out through a media release, which showed:

A sharp improvement in 'time to buy a major household item' index has pushed consumer confidence above the neutral level for the first time since early March. On a weekly basis, consumer confidence rose 3.2 per cent.

The budget was extraordinarily successful in generating a positive sentiment across the country, in relation to consumer views of the economy, business views of the economy and increasing confidence across the economy. The JobMaker hiring credit is a key part of that strategy to increase consumer sentiment and get business hiring people again.

I was at an Ipswich Chamber of Commerce event on Saturday, where they awarded awards of excellence to different small businesses. I was happy to move around that audience and tell them about the programs available to assist them in employing people, in employing more young people. So there is a real opportunity there. There is a real opportunity for us to build on that sentiment. I would hate to see this chamber vote against this legislation and thereby do something to take away from that positive sentiment, erode that positive sentiment and send a negative message.

I ask colleagues in this chamber to consider the broader context of this debate—it is part of a bigger picture; it's part of a range of initiatives, from tax policy to infrastructure spending and other initiatives—and to look at this bill in the context of that debate.

Simon Birmingham (SA, Liberal Party, Minister for Trade) Share this | Link to this | Hansard source

I thank the Senate and all of those senators who have contributed to this debate. The Economic Recovery Package (JobMaker Hiring Credit) Amendment Bill 2020 extends the prescribed period for the coronavirus payment framework from 28 March 2021 to 6 October 2022 to enable the JobMaker hiring credit. This will allow the creation of JobMaker hiring credit rules.

The JobMaker hiring credit will help young people access job opportunities as the economy recovers. This will reduce the risk of young jobseekers becoming unemployed in the long term and reliant on welfare. Supporting young people to get into work will improve their economic, health and social outcomes. The JobMaker hiring credit is a key part of the government's economic response to coronavirus as it will support Australia's economic recovery. It's designed in recognition of the fact that young people are often the earliest victims of unemployment in an economic downturn and often the victims impacted the longest by unemployment.

The government thanks the Senate Economics Legislation Committee for their inquiry report and recommendations on this legislation. The government acknowledges senators' contributions and will endeavour to continue to publish any accompanying rules if required for legislation as soon as practicable. I also note the committee recommended that the bill be passed and consider this to be a response to the report. I commend this bill to the Senate.

Question agreed to.

Bill read a second time.