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VET in the Budget – the government’s statement

13 May 2014

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The “tools for your trade payments” for apprentices will cease from 1 July 2014. It will be replaced immediately with a Trade Support Loans Program providing $439m over five years to provide apprentices with financial assistance up to $20K over a four year apprenticeship through a student loan repayment scheme. The Government will also establish an Industry Skills Fund to provide $470m over four years to support the training needs of small to medium enterprises that cannot be met by the national training system. Expenditure is budgeted to decline about 13% in 2014-15  over 2013-14 (from $1.67 billion to  $1.45 billion) and 8% over the four years to 2017-18 (to $1.55 billion).

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skills (1)Programme 1: Building Skills and Capability

Programme 1 supports the Government’s vision for the future of Australia’s industries in a globally competitive market through a responsive vocational education and training (VET) sector delivering the skills that employers need for their workforce.

The Australian Government is working to create a more efficient and effective skills and training system, which is industry led and outcome-driven. A range of reforms will be undertaken to improve the responsiveness of the system including programmes to support skills for industry.

A key element of this commitment is the new Industry Skills Fund, an investment of over $460 million to support industries to diversify successfully and improve their competitiveness in a global market.

The components of Programme 1 are grouped under the following sub programmes:

  • Sub-programme 1.1: Industry competitiveness—this sub-programme facilitates training that will enhance Australian businesses’ competitiveness in a global market.
  • Sub-programme 1.2: Skills development—this sub-programme is designed to increase participation in apprenticeships and develop the skills of the Australian workforce. A key component is the Government’s election commitment to provide Trade Support Loans that assist apprentices to complete their apprenticeships.
  • Sub-programme 1.3: Access to training—this sub-programme is designed to provide clearer training pathways and improved access to training which allows Australians to progress to better careers and opportunities.
  • Sub-programme 1.4: Support for the National Training System—this sub programme is designed to develop an effective and efficient national training system that meets the skills needs of Australia’s new and emerging industries.

 

Skills1Skills 2

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