The move by Australia to terminate the issuance of the 457 permit that permitted talented foreigners to enter the country on employment basis for four years has been hailed as the correct decision for an economy that is heavily dependent on trade.
This was made known by the country’s Minister for Finance, Mathias Cormann, in a discussion segment with reporters where he talked about the difficulties faced by the economy.
When the issue of the termination of the permit came up, the minister had this to say: “Our economy is one that is an open trade.
It is one that requires expert employees, but the 457 permit did not bring in the right individuals for the jobs, and the current laws to be implemented would make sure of that. “We need to get the right people,” the minister said. The minister also disclosed that the presentation of the budget to be carried out on the 9th of May would fix some parts of the increasing cost of living in the country but insisting that the matter was a demand-supply issue.
“While it is correct that in some regions of the country cost of houses are increasing,” the minister said. He admitted that in those situations, there are duties divided between the three tiers of government and as such, the blame cannot be solely on the federal government.
He also disclosed that the target of the present administration would be to set the policies that would guide the taxation of citizens so the nation can continue on its path of sustainable economic development.
The next election in the country would be held in two years’ time, and the minister of finance refused to hint the implementation of new policies in the budget.
He stated that the economy would be boosted massively by exports of goods that took advantage of a weak exchange rate.