Apprentices
Declared “priority industries”, those seeking to enter a trade can now enjoy heavy government subsidisation of their apprenticeship.
Released last night, the latest Federal Budget includes an additional $2.8 billion spend to be distributed as $5000 across two years for those undertaking an apprenticeship. The investment aims to increase take-up and completion rates through a new “streamlined” Australian Apprenticeship Incentives System.
Furthermore, employers are granted one-off payments of $4000 and up to $8750 in wage subsidies over three years.
In addition, the budget mentions the development of a new National Skills Agreement which would mean boosts in funding for skills training in priority industries, for example refrigeration and air conditioning, would be made more accessible with lower student fees.
Low and Middle Income Earners
Those earning below $126,000 will be given a one-off $420 payment with their tax return. The intention of the payment is to ease cost of living expenses and will be combined with the low and middle income tax offset (LMITO) of $1500 cash back for single income households or $3000 for dual-income households.
First Home Buyers
The amount of properties that are applicable for the Home Guarantee Scheme has doubled to 50,000. First-home buyers will be able to buy property with as little as five percent deposit or two percent for single parents.
Expansion has also been made to the First Home Saver Scheme, with maximum amount of voluntary contributions increasing from $30,000 to $50,000.
Parental Leave
The paid parental leave scheme has been streamlined into up to 20 weeks of paid leave taken within the first two years of birth or adoption of a child and can be taken by either parent.
Employment
The unemployment rate is forecast to fall to 3.75% in the September quarter. This figure is an all-time low in 50 years.
