15 May, 2024
Increases in financial support for employers, apprentices and trainees are among the key measures announced in the 2024 Federal Budget.
These measures focus on occupations which are listed on the Australian Apprenticeships Priority List, including construction and clean energy-related trades.
The new Budget measures include:
- An increase of $265.1 million over four years for the Australian Apprenticeships Incentive System to provide further support for apprentices, trainees and employers in priority occupations
- An increase from $4,000 to $5,000 in Hiring Incentive for priority occupation employers for 12 months from 1 July 2024
- An incentive payment increase from $3,000 to $5,000 for apprentices undertaking occupations which are on the Australian Apprenticeships Priority List
- Expanded eligibility for the $10,000 payment for apprentices and trainees under the New Energy Apprenticeships Program (NEAP), including construction-related trades
- 20,000 additional fee-free TAFE and pre-apprenticeship places for construction-related occupations
- $91.0 million over five years to develop the clean energy workforce via increases in VET funding and upgrades to clean energy training facilities
- An additional 5,000 places in pre-apprenticeship programs over two years from 1 January 2025
- An investment of $55.6 million over four years in the Building Women's Careers Program to support and promote women in male-dominated sectors, clean energy and advanced manufacturing
- A cap on the Higher Education Loan Program (HELP) indexation rate to assist students with a HELP, VET Student Loan, Australian Apprenticeship Support Loan or other student support loan accounts
The Budget also features significant support to develop defence industry workforce capability, including:
- $165.7 million for the Defence Industry Development Grants Program to support businesses to increase their scale and competitiveness
- $101.8 million over seven years from 2024-25 to attract and retain the workforce to deliver Australia’s nuclear-powered submarines
For further detail regarding the 2024 Federal Budget please visit www.budget.gov.au.
