Appprenticeships Australia are making headlines today with Tony Abbott’s new campaign to boost skilled workers by providing up to $20,000 in a HECS-style interest free loans to apprentices, to help with upfront costs and reduce high drop out rates.
The coalitions newest campaign – this apprenticeships Australia loan scheme is proving a powerful play; designed to assist with the costs of tools and equipment, acknowledging the need for financial aid to assist apprentices to complete training.
Abbott’s Trade Support Loan scheme will target Australian apprenticeships where national skill shortages are apparent and will provide access to up to $20,000 over a four year period to ease financial pressure that so often causes young apprentices to drop out of apprenticeship.
Trades with a strong skills shortage and with a 50% drop out rate are targeted
- Plumbers
- Diesel mechanics
- Electricians and
- Fitters
Australian Apprentices will have to pay back the loan once they have completed their apprenticeship however this is only when they earn over a set threshold, similar to the HECS loans for university students who have to begin repayments once their salary hits $49,000.
Makes more sense than funding Uni degrees to ppl to work overseas, or can only find work they're over - educated for .