Wage subsidy extended in a $365 million skills budget boost

 

BAC extended to 30 June 2022

Posted on 28/03/22 in

Federal Government announces $365 million investment that will help support an extra 35,000 trade apprentices and trainees into training and jobs.

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In a bid to drive job growth, the Australian Government will continue to invest heavily in skills training through the support of an additional 35,000 apprentices and trainees.

Prime Minister, Scott Morrison, announced a three-month extension of the successful Boosting Apprenticeship Commencements (BAC) wage subsidy, which was originally due to end on 31 March 2022. 

Under the extended scheme, employers who take on an apprentice or trainee before June 30, will be able to have their wages subsidised by 50 per cent for the first year - up to a maximum of $28,000. The wage subsidy will be reduced to 10 per cent in the second year and 5 per cent in the third year.

The announcement showcases the Federal Government's support of apprentices as the way forward for safeguarding Australia's young talent for the coming decades. In a press release following the budget reveal, the Prime Minister said, "Right now, there are more than 350,000 apprentices and trainees in-training and a record 220,000 of these are trade apprentices, and these investments are about making those numbers go even higher."

National General Manager, Apprenticeship Support Australia, Lee Xavier, says "This is great news for all businesses who may not have been able to take advantage of this subsidy before now. Extending the deadline for the Boosting Apprenticeship Commencements wage subsidy in the Federal Budget shows a commitment by the Government to apprentices and trainees."


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You will now have an additional 3 months to take advantage of the BAC wage subsidy and invest in your business with a new Australian Apprentice. Speak with your Apprenticeship Support Australia team today to find out how to access the subsidy. Reach out to us here.

BAC will now end on 30 June 2022.

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As the Australian economy continues to recover, reskilling and upskilling is more important than ever. Apprenticeship Support Australia has long advocated for support for existing employers to upskill and retrain through apprenticeships and traineeships, and we are committed to providing you with the best possible service.

For further information about this exciting news read more here.

If you would like to talk to a member of our client services team, please call us on 1300 363 831 or send us an email here.

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