2021 Mid-Year Economic and Fiscal Outlook (MYEFO)

1 million jobs plan should leverage Australia’s research and innovation excellence.

17 December 2021

Today, the Government released its Mid-Year Economic and Fiscal Outlook (MYEFO), which promises 1 million jobs over the next four years. It’s critical that this pledge leverages the nation’s research and innovation excellence.  

The Australian Academy of Technology and Engineering (ATSE) wants to see a technology powered, human centered future. It is this future which will drive the economic growth needed to create 1 million new jobs, in new industries.  

As part of the MYEFO, $16 billion over the forward estimates has been allocated as “decisions made but not yet announced”.  

ATSE would like to ensure this allocation is accompanied by a fully funded plan to support mission-driven commercialisation of Australian researchers, and to invest in career pathways for STEM-qualified graduates and early career researchers. 

The digital skills investment announced in November is welcome; it would be strongly consolidated by a comprehensive, life-long skills strategy that covers schools, tertiary education, internships and retraining, to rapidly boost Australia’s capacity in STEM skills. This is crucial for addressing Australia’s growing STEM skills shortage.