Young people will be helped into jobs and training with more than $6 billion in new spending included in the federal budget, which the government estimates will create 450,000 jobs.
Employers who fill new jobs with young workers who were studying or unemployed will receive up to $10,400 in a hiring credit over the next year.
The new employees must work at least 20 hours a week to be eligible. Their bosses will receive $200 a week for hiring someone aged 29 or under and $100 a week for those aged 30-35.
"Having a job means more than earning an income," Treasurer Josh Frydenberg said.
"It means economic security. It means independence. It means opportunity. We can't let this COVID recession take that away."
The new JobMaker measure is expected to encourage businesses to create an extra 450,000 and costs $4 billion over three years.
Businesses will also be encouraged to take on new apprentices or trainees with a subsidy covering half their wages – up to $7000 a quarter – for those who start between now and September 2021. The program will be capped at 100,000 places and costs $1.2 billion.
Skills and Employment Minister Michaelia Cash said apprentices in particular were critical to developing the pipeline of skilled workers businesses and industry needed to support Australia's economic recovery.
For those looking to study instead, the government will give universities $298.5 million to fund an extra 12,000 undergraduate places starting in 2021.
It has also guaranteed university base undergraduate funding levels until 2023, creating a transition period while the new course funding arrangements start.
As well, universities will receive $251.8 million over the next two years to offer 50,000 subsidised places for short courses in agriculture, health, IT, science and teaching.
The higher education sector has taken a massive hit from the loss of international students with border closures and travel restrictions caused by the pandemic. Universities had estimated they would be $16 billion worse off over the next four years.
Treasury is urging the government to allow international students to return to Australia as the first stage of reopening when it considers how to live with coronavirus in the longer term if required.
To further help the sector, an extra $1 billion will be handed over for research in 2020-21, more than doubling the usual annual spend.
The vocational education and training sector will have $263 million spent on it over the next four years on a range of programs aimed at improving the sector's quality.
Training courses paid for by employers to reskill workers who are made redundant or at risk of redundancy will be newly exempt from fringe benefits tax even if they do not relate to their current role.
For disadvantaged school-aged students, the government is spending $146.3 million over five years on a range of initiatives including with the Clontarf Foundation, The Smith Family and Good to Great Schools Australia.
There is also a new $25 million cadetship and advanced apprenticeship program aimed at encouraging women into careers in science, technology, engineering and maths areas.
Get our Morning & Evening Edition newsletters
The most important news, analysis and insights delivered to your inbox at the start and end of each day. Sign up to The Sydney Morning Herald’s newsletter here, to The Age’s newsletter here and Brisbane Times‘ here.
Most Viewed in Politics
Source: Read Full Article