The economy is recovering with the unemployment rate at 5.6%, now lower than pre-pandemic levels, and the continued focus of this budget in ‘creating jobs’.
The strategies to achieve this include investment in education, infrastructure projects and an extension of the highly successful 50% wage subsidy for hiring a new apprentice or trainee until March 2022.
For businesses and job seekers the key relevant points from last nights budget were:
Vocational Skills
- Extension of the Boosting Apprenticeships Commencements until 31st March 2022, offering a 50% wage subsidy when hiring a new apprentice or trainee. A further $2.7 billion investment is expected to see another 170,000 new apprentice and trainee commencements, building on the 130,000 new apprentices already helped into a job in the first stage of the program. It will include 3,000 apprentice and trainee positions in the digital industry and also 5,000 gateway services and in-training support to encourage women into trades.
- Extending the JobTrainer fund for another year, doubling this commitment and providing no-cost or low-cost courses for young people and the unemployed, supporting a total of more than 450,000 people.
- Provision of 2,700 places in indigenous girls academies to help them finish school and enter the workforce.
Employment Services Support for Job Seekers
- A new modernised and digitalised employment services model, replacing the jobactive system by July 2022.
- $481.2 million expansion for Transition to Work program that supports vulnerable and disadvantaged young people to transition into work or education, including apprenticeships or traineeships.
Infrastructure projects
- A ten-year, $110 billion investment into funding infrastructure projects across Australia and $15 billion extra investments for State projects.
- This includes $100 million on road projects and $250 million in regional projects.
Industry investments
- $1.2 billion in digital economy strategy including investing in Artificial Intelligence Centres, cyber-security expansion and digital skills cadetships.
- $1.5 billion in manufacturing for medical products.
- $2 billion research and incentives for more commercialised innovations in medical, bio-sectors and clean energy sectors.
- $2.1 billion targeting industries needing to recover from the pandemic including aviation, tourism and the arts.
Community Care
- $13.2 billion over 4 years in the NDIS sector which will continue to be fully funded.
- $17.7 billion into improvements to Australia’s Aged Care sector and an expected 33,800 new aged care workers trained under the JobTrainer program over the next two years.
- $2.3 billion into mental health and suicide prevention care.
- $2 billion to fund preschools and increase participation.
BUSY At Work provide a range of employment and apprenticeship solutions to assist your business and can advise on all current available incentives including the 50% wage subsidies available through the Australian Government funded Boosting Apprenticeships Commencements program.
For more information call us on 13 28 79 or email busy@busyatwork.com.au
