The COVID-19 pandemic is a once-in-a-century shock that is placing immense pressure on health systems and economies all around the world.
Australia is better placed to deal with this crisis than most countries. When the pandemic hit our shores, we were prepared and our economy was strong thanks to our excellent economic management over the past seven years.
Now, we are well placed to support Australians with the biggest economic lifeline in our history.
We've seen JobKeeper and JobSeeker successfully support businesses, workers and those out of work through the height of the COVID-19 crisis.
JobKeeper is supporting 3.5 million workers in 960,000 businesses. And, we've recently announced its extension for a further six months, with some modifications.
We are also supporting up to 340,700 JobTrainer places for school leavers and job seekers to upskill, a 50pc wage subsidy to supporting around 180,000 apprentices and trainees and, of course, the HomeBuilder program to support the residential construction industry.
Treasury estimates as a result of this support, unemployment will peak around 5 percentage points lower than it would have, preventing the loss of around 700,000 jobs.
The Government's JobMaker Plan is built on enabling a business-led economic recovery.
We are driving skills and training reform, bringing business and unions together to create the industrial relations conditions to get people into work, locking in affordable and reliable energy, expanding opportunities for small business in the digital economy, boosting our manufacturing capability, underpinning renewed housing construction, delivering a record infrastructure investment pipeline, deregulation and streamlining project approvals and federation reform.
In addition, there is more to do on issues such as taxation, research collaboration and ensuring regional Australia prospers in the years ahead.
In these difficult times, be assured, our Government is focused on rebuilding and ensuring Australia gets back on track.