Anthony Albanese the Australian Prime Minister is crafting a business strategy that can do a lot for Australia in particular and the wider world in general. Succinctly stated, his simple words echoed in Lima Peru and subsequently in G20 in Rio in Brazil go as “more trade, more jobs”. More on this:
In the May 2022 elections Albanese was elected as the 31st Prime Minter of Australia as the Liberal-National Coalition swept into victory. Going by his record for the last two years his concentration of linking trade with job creation within Oz is indeed noteworthy. Standing for free & fair trade within the country and outside Albanese had achieved pretty good results.
Latest figures available indicates exports pitching at $ 686 Billion and imports perching at $ 527 billion netting $ 158 Billion which stands at 23% of the export volume. As far as job creation is concerned the figure is astounding. Approximately 14,527,500 people are employed in the labour market. Full-timers number 10,037,700 persons while part timers are around 4,499,800 persons.
This needs whetting. While the employment figure indicates around 67% of eligible labour is in employment the full-timer-part-timer ratio is not very conducive for economic well-being. Roughly over 30% part-timers does not reflect healthy use of labour force anyway.
However, Albanese on record stating that one out of four jobs are created by trade both internal and external. In the month of September 2024, around 64,100 jobs were found. Yet for the population of 27 Million this number is measly. Unlike in areas like professions and state employment where creating jobs in short notice is difficult, trade can do real wonder.
Although Australia has ambitious plans to create jobs the projected figure for the next five years hover around 14.8 million compared with the current figure of 14.54 Million throwing up only a marginal growth. This restrains the plans somewhat.
In this context Albanese is wise enough to decide on the business strategy of “more trade more Jobs”. But how he is going to formulate nifty-gritty of the business strategy, let alone execute it. I am looking forward!
Cheers!
Muthu Ashraff Rajulu
Business Strategist
Mobile: + 94 777 265677
E-mail: cosmicgems@gmail.com
Blog: Business Strategist
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