Education, skills & training
FEDERAL BUDGET 2021/22
In a bid to improve job prospects and support people into work, a number of measures are focused on building future skills in the digital economy.
Apprenticeship scheme uncapped
Boosting Apprenticeship Commencements provides a 50% wage subsidy to employers and Group Training Organisations to take on new apprentices and trainees. The measure will uncap the number of eligible places and increase the duration of the 50% wage subsidy to 12 months from the date an apprentice or trainee commences with their employer.
From 5 October 2020 to 31 March 2022, businesses of any size can claim the Boosting Apprenticeship Commencements wage subsidy for new apprentices or trainees who commence during this period. Eligible businesses will be reimbursed up to 50% of an apprentice or trainee's wages of up to
$7,000 per quarter for 12 months.
Digital skills training
As part of its Digital Economy Strategy package, the Government has committed to $100m in funding to support digital skills development including:
- Digital Skills Cadetship Trials – working with industry, the Government will trial 4 to 6 month cadetships for digital careers comprising formal training with on-the-job learning.
- Expansion of Cyber Security Skills Partnership Innovation Fund – Additional funding for education providers that improve the quality or availability of cyber security professionals in Australia.
- Next Generation Graduates Programs – AI & next gen technologies – a competitive national scholarship program cofounded with universities and industry:
- the Next Generation Artificial Intelligence Graduates Program to attract and train up to 234 home-grown, job-ready AI specialists through competitive national scholarships
- the Next Generation Emerging Technology Graduates Program to attract and train up to an additional 234 home-grown, job-ready specialists in other emerging technologies, such as robotics, cyber security, quantum computing, blockchain and data through competitive national scholarships.
We've compiled the key points from Budget 2021/22 for your review, but as always if we can be of assistance, please contact your accountant on 02 9957 4033 for guidance on how these measures impact you, your family, and your business.
Below are further details on specific measures:
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.