Apprentices will be able to access up to $20,000 Trade Support Loans, after legislation passed Parliament yesterday.
Federal Member for Pearce, Christian Porter, said the Coalition Government was delivering on its commitment to introduce the loans for apprentices so as to encourage more young people to take up a trade.
“These loans will support apprentices in our local community by easing the financial burden over the four years of their apprenticeship and encouraging them to complete their qualification,” Mr Porter said.
“The Government will provide up to $20,000 over the entire period of their training with more support provided during the initial years when it is needed most.
“Up to $8,000 will be available in the first year of the apprenticeship, $6,000 in the second, $4,000 in the third and $2,000 in the fourth.
“Importantly, when an apprentice completes his or her training, 20 per cent of the loan, or up to $4000, will be immediately deducted from the total of the loan.
“Like HELP loans for tertiary students, the loans will be repayable once apprentices are earning a sustainable income.
“We want people who start a training program to finish it and realise the opportunity of working in their chosen field.”
Mr Porter said the new Trade Support Loans were part of the Government’s Economic Action Strategy to build a strong and prosperous economy.
Trade Support Loans will specifically target occupations on the National Skills Needs List such as plumbers, diesel mechanics, electricians and fitters, as well as priority areas in horticulture and agriculture.
For further information on the program, contact your local Australian Apprenticeships Centre or visit www.australianapprenticeships.gov.au