Commonwealth Government scraps the ‘Tools for the Trade’ apprenticeship allowance and announces new ‘HECS for Tradies’ scheme

Tuesday, May 20th

In a significant move to provide additional support to Apprentices, the Commonwealth has announced a new Trade Loan Scheme for apprentices.

Under the scheme, which is still subject to parliamentary approval, apprentices will be entitled to a $20,000 loan during their apprenticeship, payable over four years ($8k in first year; $6k in second year). To reward successful apprenticeship completions, there will be a 20% reduction in the amount to be repaid if the apprentice successfully completes their course.

Gary Cobbledick, Spectra’s Managing Director, said: ‘We welcome the Government’s support for Apprenticeship programs. Apprenticeship enrolment numbers have been in decline, and completion rates are very low. There needs to be a comprehensive review of the apprenticeship system to increase enrolments and completion rates, particularly in areas of skills shortage and national need’.