Op-Ed: Jobs summit is just the start of rare chance for deep thinking
2 September 2022
An increase to the annual permanent migration cap by 35,000 to 195,000 announced today at the Jobs and Skills Summit has been welcomed by the Australian Banking Association (ABA).
ABA Chief Executive Anna Bligh said an increased migration cap for this financial year, along with visa processing improvements and targeted skills and training programs and policies, were critical to ensuring there are enough workers to fill a range of vacancies at all levels.
“This is a positive step to resolving the acute labour shortages we’re seeing in our economy. Australian banks are eager to support small and medium businesses held back from growing and expanding, this announcement goes some way to addressing the issue,” Ms Bligh said.
“An increase in the permanent migration cap from 160,000 to 195,000 places should flow through to reducing the ongoing pressure some businesses are facing. It’s an example of a practical outcome to come out of the last two days.”
“Australian banks and the business customers they serve also welcome the announcement that a backlog of 900,000 visa applications will also be cleared, with an additional $36 million committed to lift the surge staff capacity to 500 over the next nine months,” Ms Bligh said.
“Australia has witnessed a phenomenal shift in customer banking and payment preferences in recent years,” ABA CEO Anna Bligh said.
The RBA continues to address the nation’s inflation challenge with today’s 0.25% increase in the cash rate target, to 4.10%.
Australian banks today launched a new digital platform that will facilitate the quick reporting of fraudulent payments en route or transferred to another bank.