Federal Budget 2021-22
With a focus on driving the economic recovery!
If you are an employer or a Job seeker here is what you need to know:
- Boosting Apprenticeship Commencements will now be extended by an extra 6 months – until March 2022
- The Federal Government’s JobTrainer program is set to be extended for another 12 months, as part of a plan to ensure young Australians have in-demand skills.
- To establish 15 industry owned Skills Enterprises to ensure vocational training is industry led and meeting market needs
- Federal Government has outlined an approach designed specifically to encourage 5,000 women to commence in non-traditional apprenticeships.
Great news for Australian employers who are facing skills shortage. Businesses who take on a new apprentice will continue to be eligible for a 50% wage subsidy until March 2022. The measures also provide great incentives and support for future apprentices and employees.
FOR JOB SEEKERS
The Federal Government will provide $506.3 million over two years from 2021-22 to extend JobTrainer.
The government is hoping the new measures will help turn things around for the youth impacted by the pandemic. As foreshadowed in pre-budget reports, the government is extending the JobTrainer fund, which provides access to affordable training courses.
Eligibility for the fund, which was established in 2020, will also be expanded to include employed groups most affected by the pandemic, and the Government will run a $6.3 million campaign to encourage Australians to take up the training places.
LOCAL JOBS PROGRAM AND DISADVANTAGED JOB SEEKERS
In further budget measures designed to help Job Seekers improve their skills and gain employment, the Government plans to spend $213.5 million over four years to expand the existing Local Jobs Program. The program will be expanded to 51 employment regions, and extended for three years, from June 30, 2022, to June 30, 2025.
Wage subsidies for eligible Job Seekers on job active, Transition to Work and ParentsNext payments will also be increased to $10,000, in a budget measures designed to encourage employers to hire disadvantaged people.
The New Business Assistance currently offers support payments to 12,000 individuals working on their own businesses. The new funding will pay for an additional 1,000 places in the New Business Assistance stream and another 350 places in the ‘Exploring Being My Own Boss Workshop’ program.
Apprenticeship subsidies extended. An extra $2.7 billion will be spent over four years to expand the Government’s ‘Boosting Apprenticeship Commencements’ wage subsidies, which reimburse employers for the wages of new apprentices and trainees by up to 50%.
Under the expanded program, the number of eligible places will be uncapped, and the duration of the 50% wage subsidy will be increased to 12 months. Businesses of any size will be able to claim the subsidies for new apprentices and trainees who begin their employment between October 5, 2020, and March 31, 2022, with a maximum amount of $7,000 per quarter available.
For more info about the Federal Budget 2021-22 please visit: budget.gov.au