The Australian stock market has closed up almost 3 per cent, marking a fresh 11-week high since the market was rocked by the outbreak of COVID-19.
The S&P/ASX200 benchmark index closed on the highs of the day on Tuesday up 164.4 points, 2.93 per cent, at 5,780 points, while the All Ordinaries index was up 160 points, or 2.79 per cent higher, at 5,889.9.
The Australian dollar is buying 65.80 US cents, up from 65.24 US cents at the close of trade on Friday.
The rally comes on the back of Prime Minister Scott Morrison unveiling his “JobMaker” plan, a multi-year economic reform package that focuses on building local industry.
Under Mr Morrison’s plan, funding would be more closely linked to skill gaps based on what businesses need.
Industry will be given greater power to shape training needs, with pilot schemes across human services, digital technologies and mining used as examples for other sectors.
The human services trial was used to rapidly develop extra training for aged care and disability support workers to respond to the COVID-19 pandemic.
Mr Morrison made the case to ditch a “clunky and unresponsive” system in favour of more consistency across states and greater transparency around spending.
“There is a partnership between the Commonwealth and the states in supporting and delivering these services … but I wouldn’t say it’s a very effective partnership at the moment,” he said.
“I don’t think money’s the only problem here, but you’re not going to invest money in a dud system.”