Outline: ‘jobs of the future’

Boosting migration has been flagged as “part of the solution” to severe labour and skills shortages by Prime Minister Anthony Albanese.

Mr Albanese also wants domestic workers trained for the “jobs of the future”.

“The skills have changed, so we need to change that training to match the skills,” he told reporters on Monday ahead of the jobs and skills summit next month.

Mr Albanese outlined the 10 professions with the most dire worker shortages, including nurses, chefs, early childhood teachers and electricians.

Construction workers and civil engineers also made the list, as did other caring professions, such as child care workers and aged and disability carers.

Technology will also continue to be a major employer over the next five years, according to government forecasts, with IT business and systems analysts and software programmers rounding out the top 10 list.

To help plug these skills gaps, the government plans to send more than 450,000 people to TAFE free of charge.

Supporting apprentices will also be on the agenda at the jobs and skills summit.

Apprenticeship Employment Network boss Gary Workman said there was a disconnect between labour shortages in trades and high numbers of new apprenticeship starts.

“The treasurer is looking for more efficient ways to do things,” Mr Workman said.

“The obvious place to start would be by ensuring employers are only subsidised for genuine new apprenticeships.”

Workers affected by the clean energy transition will also be on the agenda at the jobs and skills summit.

On Monday, the Australian Council of Trade Unions called for a new national body tasked with overseeing the transition so workers in fossil fuel industries are not left behind.

“A national Energy Transition Authority will ensure that we don’t have to choose between climate action and good, secure jobs,” ACTU president Michele O’Neil said.

The ACTU has also supported a boost to migration to plug skill gaps on the condition domestic workers are first offered improved wages and other benefits.

Commenting on the proposal, Nationals leader David Littleproud said about 170,000 workers were needed in agricultural processing alone.

He said farmers would be less likely to plant crops if they couldn’t find workers, which would limit supply and drive up costs for consumers.

“Every time you go to the checkout, you should see Anthony Albanese’s face on your docket because he’s driving up the cost of your living,” he said.

Mr Littleproud called for improved avenues to bring migrant workers into regions permanently as a solution to labour shortages in agriculture and in regional communities.

He also wants more investment in vocational training in the regions, as well as allowing pensioners and veterans to do more work without losing payments.

Mr Albanese said the government supported the notion of allowing pensioners to do more paid work without losing benefits, and would consider this policy as part of its response to the labour crisis.

The jobs and skills summit will be held in Canberra on September 1 and 2.

 

Poppy Johnston
(Australian Associated Press)

Top 10 Brilliant Money-Saving Tips

Are you looking to build up your savings for the future but don’t know how or where to start? Check out these money-saving tips you can apply today.

 

Top 10 Brilliant Money-Saving Tips

Whether you’re looking to save money for financial security, investment, a future purchase or retirement, the best time to start doing so is now.

However, saving money takes discipline and commitment. You need to keep your eyes focused on the future. By building up your savings, you can look forward to a more stable financial standing. With money in your pocket or the bank, you’ll also be better able to handle any financial obstacles or difficulties that may come your way.

To get you started, we’re sharing the top 10 money-saving tips you can easily start doing now.

1. Record all expenses.

The only way to know which expenses you can cut back on is by keeping detailed records of your daily, weekly and monthly expenses.

So, make time to record everything (e.g. three months’ worth of expenses) and review it to see what items are non-essential and can be stricken out.

2. Plan your meals.

A whole day of eating out could set you back by around $40 to $65 or more — desserts not included.

You can save a substantial chunk of your budget by opting to dine at home. For this, you need to plan your meals accordingly. By cooking at home, you not only save but also become more aware of the nutrients you’re getting in your diet.

3. Save water and electricity.

Everyone’s been told to save water and electricity at least once in their lifetime because it’s one of the best money-saving tips. Be aware of your water and energy consumption and take steps to conserve as much as you can. This includes unplugging devices and turning off the tap and lights when these are not in use.

4. Declutter and sell.

Once or twice a year, go through your possessions. Make it your goal to get rid of items that you haven’t touched for months (even when their use is not seasonal). Set these things aside and aim to either give them away or sell them.

5. Skip the credit card.

Adopt a mindset of buying only those things you can afford to pay for in cash. Ditch the plastic. If you can, gradually pay off your credit card debt and go plastic-free forever.

6. Make coffee at home.

Whether you’re an espresso lover or an occasional café-goer, it’s better to make your coffee at home. There are so many tips and videos about coffee making available out there. Plus, learning to make your own coffee can elevate your appreciation for it.

7. Create a grocery list and stick with it.

When you set out to shop for your groceries, write down what you need and make sure to stick with it. Carrying cash only (rather than a credit card) can also help eliminate or minimise impulse buys.

8. Bring your own bottle of water.

Instead of spending on expensive bottled water products that also add to the planet’s waste problems, get a reusable water bottle and fill it at home. Take it wherever you go and refill it at work or school.

9. Purchase what you can in bulk.

While giving in to every single sale is not a good thing, you can buy certain items in bulk during sales. These include laundry detergent, pasta, toothpaste, and toilet paper. Just make sure to purchase what you can consume within a reasonable period.

10. Invest in timeless fashion.

Rather than buying what seems to be cheap fast fashion, invest in a few quality pieces that you can wear and mix and match over and over again. 

So there you go, money-saving tips and tricks you can implement right away to help secure your future.

Happy saving!

 

If this article has inspired you to think about your own unique situation and, more importantly, what you and your family are going through right now, please contact your advice professional.

 

(Feedsy Exclusive)

 

Choosing a super fund – How to compare and choose super funds

Most people can choose which super fund they’d like their super contributions paid into. You can go with your existing fund, your employer’s fund, or choose a different fund.

Your employer will give you a ‘standard choice form’ when you start a new job. This sets out your options.


What to look for in a super fund

When you’re comparing super funds, weigh up fund performance and the fees you’ll pay against other factors such as risk, investment returns, services and insurance.

Performance

Compare your fund’s investment performance over at least five years. Consider the impact of fees and costs.

Compare like with like. For example, only compare a balanced option with another balanced option, and try to use the same time period.

Low fees

All super funds charge fees. Fees are either a dollar amount or a percentage, or both. Either way, generally the lower the fees, the better. Fees are usually deducted monthly and also after an action such as switching investments.

Insurance

Super funds typically have three types of insurance for members:

  • life (also known as death cover)
  • total and permanent disability (TPD)
  • income protection

When comparing the default insurance offered by super funds, look for:

  • the premium rates
  • the amount of cover
  • any exclusions or definitions that might affect you

Investment options

Most super funds let you choose from a range of investment options.

Options usually include:

  • growth
  • balanced
  • conservative
  • cash
  • ethical
  • MySuper

Some funds will let you choose the weighting of different asset types or direct investments.

Services

Super funds may offer other services which attract special fees. These can be things like financial advice or arranging to split your super following a separation.


Compare super funds

You can find out about and compare super funds by using:

  • the ATO’s YourSuper comparison tool, an online list comparing MySuper products
  • the product disclosure statement (PDS) for each product offered by a fund
  • super comparison websites offered by private companies

What to do if your MySuper product is underperforming

If you have a MySuper product, your super fund must let you know if it has performed badly under an annual performance test done by the Australian Prudential Regulation Authority (APRA).

To help you make a decision about whether to switch funds and which product to switch to, you can use the ATO’s YourSuper comparison tool.


Comparison websites

Non-government super comparison websites include:

All of these have some information for free. Some of them also offer more detailed information for a fee.

Comparison websites can be useful, but they are businesses and may make money through promoted links. They may not cover all your options. See what to keep in mind when using comparison websites.

Don’t choose a super fund based only on its rating on one of these websites.

Compare these features:

Performance
  • how well the fund has performed over the past 5 years
Fees
  • fees for:
    • administration (includes intra-fund advice)
    • investment
    • buy/sell spread
    • transactions
    • switching
    • personal advice
    • insurance
    • any other fees
  • how often they are charged
Insurance
  • what cover is available
Investment options
  • available options
Services
  • other services the fund offers

Once you have the information you need, use our super calculator to compare how different funds will work for you.

 

If you don’t choose a super fund

If you don’t choose your own super fund, your employer must check with the ATO to see if you have an existing super fund. This is known as a ‘stapled super fund’.

If you don’t have an existing fund (for example if it’s your first job) your super will be paid into a ‘default’ super product chosen by your employer. This is known as a MySuper product.

MoneySmart
(www.moneysmart.gov.au)