Australia’s economic growth depreciation is traced to reducing the number of students studying electrical engineering and computer science.
Matt Barrie, CEO of freelancer.com, described the education system of Australia as a “basket case.” The CEO said the educational system influences the dwindling economy.
Australia’s education system is a “basket case” and is the main contributor to the country’s “completely cactus” economy.
Australia’s economic growth remained at 1.4%
The yearly growth of Australia’s Gross Domestic Product (GDP) remained at 1.4 percent, with a slight increase of 0.5 percent in June’s quarter.
Likewise, Australia’s workforce is on a stagnated payroll with a crippled debt-to-income ratio.
Mr. Barrie proffered a fast solution by asking that the young population get employed in high-skilled industries. His philosophy surrounds the fact that youngsters will progress to open individual companies after a period.
He mentioned that when youngsters float these companies, income tax increases, and other benefits flow into the economy.
In a recent Yahoo finance news, Mr. Barrie further explained how the youngsters would advance the acquisition of skills by training their employees. He said;
They also increase the skills level because when they start at these companies, they train all the employees they hire.
Mr. Barrie stressed extensively of the effect of the educational system on Australia’s economic growth. Students are made to believe that they have to be either a lawyer or a doctor, forgetting other courses which are now valuable to the economy.
Students’ and parents’ perceptions about being lawyers and doctors are wrong, said Mr. Barrie.
Going forward, the CEO of freelancer.com said an overhaul of the educational system to include trade schools is vital to resuscitating the Australian economy.
We need to have very sophisticated trade schools in the country so people can learn advanced skills, mechanical engineering and electrical engineering in order to produce these products and services and infrastructure.
Shadow minister for innovation, technology, and the future of work, Clare O’Neil, agreed with the suggestions of Mr. Barrie.
She mentioned that the federal funds available for schools don’t generate corresponding outputs in the school system. Australia’s educational system does not meet the needs of businesses.
By June 2019, there were indications that Australia’s economic growth has changed directions.
Despite campaigning on a strong economy, every indication is that the Government is returning to face a weak and slowing economy. However, Treasurer Josh Frydenberg said the GDP result was “within the range of market expectations” and strong employment growth means a record number of Australians have jobs.
Teachers need to teach technology to students
Teachers are scared for their jobs. Mr. Barrie, in his words, said:
You’ve got a lot of teachers who are frightened of technology because their job is threatened.
It is going to end in tears if drastic recovery actions are not taken.