The Federal Government will invest an additional $1.2 billion to support Australian businesses to employ 100,000 new apprentices or trainees as part of the COVID-19 economic recovery plan.
Treasurer Josh Frydenberg confirmed the news on Today this morning, saying the initiative is part of the upcoming federal budget.
He said the Federal Government will pay half of all wages to apprentices and trainees for the first year of employment.
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"Our announcement today will help create 100,000 apprenticeships, whether you are a baker or a butcher, whether you are a sparky, whether you are a plumber or a carpenter, you are getting support," Mr Frydenberg told Today.
Under the new apprenticeship measure, employers will be eligible for 50 per cent of the wages for a new or recommencing apprentice or trainee for the period up to 30 September 2021, up to $7,000 per quarter.
Prime Minister Scott Morrison said apprenticeships are an important pathway to get young people into jobs and to ensure there is a skills pipeline to meet the future needs of employers.
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"During this pandemic the Federal Government has been focused on supporting and creating jobs as well as identifying the skills we need in the economic rebuild," the Prime Minister said in a statement.
"Already 760,000 jobs that were either lost or reduced to zero hours as the COVID crisis hit, have come back into our economy. We want to continue to recover what has been lost and get young people into work.
"Whether it's the manufacturing, housing and construction, arts or mining sectors - this new wage subsidy gives businesses certainty to hire and provides a career path to aspiring, young tradies."
Mr Frydenberg warned that although unemployment will likely rise before the end of the year, those figures will drop in 2021, even with the removal of JobKeeper assistance.
The federal budget will be announced on Tuesday.
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