We support the Government to deliver sustainable economic growth and job creation, which improves the lives of Australians and helps individuals, families and communities.
PM&C achieves this by providing the Prime Minister, the Cabinet, Portfolio Ministers and Assistant Ministers with high-quality evidence-based advice about policy choices and trade-offs in the context of evolving domestic, international and national security priorities. We work with other Commonwealth agencies to ensure policy proposals are informed by a rigorous evidence-based and high-quality impact analysis.
The impact of COVID-19 on Australia’s economy continues to evolve, and our work takes place in a complex policy environment and rapidly changing global context.
COVID-19 is causing the largest contraction in global economic activity since the Great Depression. Countries all around the world have closed their borders and put in place other containment measures to limit the spread of the virus and manage health systems to save lives.
In Australia, the pandemic pushed the economy into a recession. The downturn is significant, with the effective unemployment rate rising sharply and peaking at almost 15 per cent. While receding unemployment is expected to remain elevated for some time, official unemployment statistics will see a peak around 10 per cent.
An unprecedented level of economic support has already been put in place across all major advanced economies in order to cushion the economic downturn. The scale of the response far outweighs the size of the response to the Global Financial Crisis (GFC). International bodies, such as the G20, have again needed to work closely to protect global supply chains and financial stability.
The July Economic and Fiscal Outlook recorded overall support to the Australian economy of around 15 per cent of GDP with further spending by the states. The Reserve Bank of Australia (RBA) slashed the cash rate to the lowest on record and embarked on an unprecedented bond purchasing program to place yet further downward pressure on borrowing costs. At the same time, the Australian Prudential Regulator Authority, the Australian Security Investments Commission, the Australian Competition and Consumer Commission and other regulators have sought to protect businesses and the wellbeing of Australians by adjusting or suspending settings within their remit as needed.
PM&C continues to focus its support for the Government on the critical priority of rebuilding the economy and job creation.
PM&C also supports the implementation of the Government’s agenda by monitoring and reporting to the Prime Minister, Portfolio Ministers and Assistant Ministers on the progress of key priorities, including those captured in the Government’s JobMaker Plan.
In 2020–21 to 2024, PM&C will:
- Advise the Prime Minister on the prioritisation and design of policies to support job creation as part of the Government’s JobMaker Plan.
- Design, coordinate and drive initiatives that will see Australia achieve the Government’s goal of being a digital economy and society by 2030.
- Drive the Government’s refreshed whole-of-government deregulation agenda to support business investment and job creation, by working across the APS to ensure regulation is fit-for-purpose and regulator performance is best practice.
- Deliver the refreshed Women’s Economic Security Statement to increase women’s workforce participation and women’s leadership opportunities, and deliver grants and programs to promote women’s economic security and leadership.
- Support the Prime Minister at the G20 and other international forums to drive international cooperation and advance Australia’s national interests.
- Work across government to support delivery of the Government’s $100 billion, 10-year transport infrastructure pipeline and ensure delivery of priority projects such as the Western Sydney Airport, Inland Rail, Snowy Hydro 2.0 and telecommunication infrastructure.
- Ensure recovery of the freight sector by working across governments to coordinate effective and timely measures in air, road, rail and maritime transport.
- Provide targeted and timely advice to the Prime Minister and the Cabinet on options to enable affordable and reliable energy markets, while meeting Australia’s international emissions reduction commitments.
- Work across government to deliver a coordinated plan to build scale and competitiveness in the Australian manufacturing sector.
Measure
Ensure the Prime Minister, the Cabinet, responsible ministers and agencies receive high-quality and coordinated advice to inform policy development and support the implementation of the Government’s key priorities and activities.
Target
- Accelerate Australia’s recovery from the COVID-19 pandemic, including getting Australians back into jobs and supporting sustainable economic growth by developing, coordinating and implementing the Government’s JobMaker plan.
Measure
Ensure the Prime Minister, the Cabinet, responsible ministers and agencies receive high-quality and coordinated advice including a strategy to be a leading digital economy to inform policy development and support the implementation of the Government’s key priorities and activities.
Target
- Quality of advice received demonstrably supports the Prime Minister in coordinating and implementing policies and programs.
- Effective coordination between international and domestic efforts to support and respond to digital transformation.
- The advice considers the views of all relevant stakeholders, including industry, Aboriginal and Torres Strait Islander peoples, and the states and territories.
Measure
In partnership with state and territory governments and industry, identify solutions to reduce regulatory barriers to business investment and jobs growth in priority areas.
Target
- A consolidated online checklist is developed to simplify the process for small businesses to hire staff.
- Increased levels of food exports by developing a trade information service for food exporters, digital processing of export permits and streamlining compliance activity.
- Establish major projects in accordance with timeframes, initially through a partnership with Western Australia to develop an online platform for bilateral environmental assessments.
- Modernise business communications by ensuring regulations are technology neutral.
- States and territories are supported to adopt automatic mutual recognition arrangements for licensed occupations.
Measure
Ensure the Prime Minister and the Cabinet receive timely advice on the progress of, and risks to, infrastructure investment.
Target
- Infrastructure investment contributes to short, medium and long term economic recovery and productivity.
Measure
Ensure advice on the freight sector is coordinated, timely and grounded by partnerships with industry and governments.
Target
- The freight sector continues to provide the services needed by communities and the economy in a resilient, efficient and adaptive manner.
Measure
The Government is supported by comprehensive and evidence-based policy advice that ensures reliable and affordable energy while meeting our international commitments.
Target
- Continued downward pressure on energy prices, increased grid resilience, and emissions reductions in line with our international commitments.
Measure
The Government is supported to develop and deliver a new plan for the manufacturing sector.
Target
- The plan establishes a clear framework for building the scale and resilience, increasing value and creating jobs in Australia’s manufacturing sector.