The Federal Government needs to reassess numerous policies, including delaying the introduction of its emissions trading scheme, while it reacts to rising unemployment figures, Australian Mines and Metals Association (AMMA) chief executive Steve Knott said.
“Most analysts agree that Australia’s jobless rate will rise faster and steeper than official government forecasts,” he said.
“Reductions in payroll and company taxes, moderating new industrial relations laws, deferring introduction of the emissions trading scheme, further reductions in interest rates all need to occur in unison.”
According to Knott, the Government needs to focus on domestic matters rather than global.
“Simply alluding to external global factors and not addressing much needed domestic policy responses, will result in many employers hitting the wall and longer unemployment queues,” he said.
“Unless these issues are collectively tackled, unemployment will rise way above the 7 per cent projected for mid 2010.”
According to the AMMA, the resources sector has reduced employee numbers by over 10,000 in recent months, with more than 55% of the industry has already locked into further dramatic reductions in 2009.