Good news for the trades. The federal government is giving apprentices and their employers an extra $265.1 million financial support over four years.

Under the Australian Apprenticeships Incentive System, apprentices and employers in priority occupations will receive an additional $2,000 and $1,000, respectively.

Employers who train apprentices in priority occupations such as electrician and air-conditioning and refrigeration will be eligible to receive an additional $1,000 ($5,000 total) in incentive payments starting on July 1, 2024, under the revised system. These payments are intended to partially offset the costs of hiring apprentices.

Additionally, apprentices pursuing training in priority occupations will be qualified for incentive payments totalling an additional $2,000 ($5,000 in total) to help with living expenses and encourage them to complete their training.

Apprenticeship payments will now be frontloaded, with $3,500 going to apprentices in year one and $1,500 in year two.

Thanks to this, apprentices will receive more support when they most need it. In the first year, employers can receive up to $5,000. The total amount due will be divided into two instalments: $2,000 at six months and $3,000 at twelve.