Realising Our Potential will provide additional assistance of $549 million over four years to Australian Apprentices in skill shortage trades.
From 1 July 2007, eligible Australian Apprentices under the age of 30 will receive an additional tax exempt payment of $1,000 per year as a wage top‑up paid in six monthly instalments during the first and second years of the apprenticeship. Around 228,000 apprentices will benefit over four years.
Eligible Australian Apprentices will also receive a voucher worth up to $500 per year toward their course fees.
This voucher will be available to Australian Apprentices in both the first and second year of their Australian Apprenticeship in a skill shortage trade. Around 252,000 apprentices will benefit over four years.
The Realising Our Potential package includes a further three Australian Technical Colleges in the Brisbane, Sydney and Perth areas, at a cost of $84 million over five years. This will build on the Government's existing commitment of $468 million to support 25 Australian Technical Colleges.
The Government will also provide funding of $59 million over four years to Registered Training Organisations to partner with industry and local employers to develop and implement fast-track apprenticeships with competency‑based, rather than time based, progression.
This wage and fee support will attract more apprentices and allow them to complete their training more quickly. These measures are part of the Government's plan to restore the true value of VET.
12 2007‑08 Budget Overview