The Australian Federal Budget for 2024-2025 has announced significant additional funding to support apprenticeships.
Apprenticeships Incentive: An additional $265m over four years will be committed for adjustments to the Australian Apprenticeship Incentive scheme which avoid the step-down across all occupations for 12 months. The Strategic Review of the Incentives system, chaired by Justice Ross and Lisa Paul, will inform long-term policy design:
Support for Priority Occupation Apprentices: $3000 to $5000 (commencing apprentice payments are restructured to be front loaded with $3500 in year one and $1500 in the second year). (An increase of $2,000 from the scheduled step-down).
Support for Employers of Priority Occupation Apprentices: $5,000 hiring incentive ($2000 at six months and $3000 at twelve months). (An increase of $1000 compared to the scheduled step-down)
Apprentices and trainees and their employers in non-priority occupations will no longer receive hiring incentives or payments to the apprentice/trainee
VET systemic support: Structural reforms to the skills and training system will receive $26.1m over four years, including to support the Australian Skills Guarantee, Jobs and Skills Australia, the National Careers Institute and the National Skills Agreement.
