Market Herald logo

Subscribe

Be the first with the news that moves the market
  • The Federal Government is investing $1.2 billion to create new jobs for trainees and apprentices across the country
  • Prime Minister Scott Morrison confirmed today that the Boosting Apprenticeship Commencements wage subsidy program is being expanded
  • Under the expanded program, the government will fund half the wages of any new apprentice signed up by any Australian business before September 30 for a full 12 months
  • This expansion is expected to generate around 70,000 new apprentice and trainee places
  • The Prime Minister said training and skills are a core part of the government’s plan to economically recover from the COVID-19 pandemic
  • The government has also set up the National Skills Commission, which is designed to analyse labour market data to forecast where skills are needed the most in light of Australia’s economic recovery

The Federal Government is investing $1.2 billion to create new jobs for trainees and apprentices across the country.

Prime Minister Scott Morrison confirmed today that the Boosting Apprenticeship Commencements wage subsidy program is being expanded for a full 12 months and expected to generate around 70,000 new apprentice and trainee places.

The program launched in early October 2020 under which businesses or training organisations were eligible for a subsidy of 50 per cent of wages paid for new or recommencing apprentices and trainees for a full 12 months.

This program has already helped create 100,000 apprenticeships across the country in less than five months.

By expanding the program, the government will fund half of the wages of any new apprentice signed up by any Australian business before September 30 for a full 12 months. What’s more, there’s no cap on the number of new apprentices a business can sign on.

The Prime Minister said training and skills are a core part of the government’s plan to recover from the economic devastation wrought by the COVID-19 pandemic.

“Creating jobs, generating economic opportunities and boosting the skills of workers right across Australia are at the heart of our National Economic Recover Plan, as we build back from the COVID-19 recession,” the Prime Minister said.

He explained that while Australia’s economic recovery is certainly underway, many businesses still need support. As such, it’s important apprentices and trainees boost their skills and keep their jobs.

“With 100,000 apprenticeship positions already snapped up, it highlights the confidence businesses have in the future of the Australian economy. “

Minister for Employment, Skills, and Small and Family Business Michaelia Cash said so far, the training initiative has created work for 8000 bricklayers, 6000 electricians, and almost 11,000 people in retail and hospitality.

“By expanding this wage subsidy for another 12 months, we’ll be helping businesses to create even more jobs, further supporting our National Economic Recovery Plan for Australia,” Minister Cash said.

She said the government has also set up the National Skills Commission, which is designed to analyse labour market data to forecast where skills are needed the most in light of Australia’s economic recovery.

More From The Market Herald

" TGA approves Pfizer as COVID-19 booster for 16 and 17-year-olds

Therapeutic Goods Administration (ASX:TGA) has given the green light for Pfizer to be used in 16…

" Reuters poll: RBA to raise interest rates in November, announce end to bond-buying scheme next week

Economists are expecting the Reserve Bank of Australia (RBA) to flag an end to its bond-buying…

" US Federal Reserve reaffirms likely March rates hike

All eyes were on Wednesday's notes from the latest US Federal Reserve policy meeting, but the…

" Inflation hits 3.5 per cent, pressure grows on RBA

The Consumer Price Index (CPI) climbed 1.3 per cent in the December 2021 quarter and 3.5…