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 Albanese Government’s 2023-24 Budget for the Skills Sector: Rebuilding and Modernising Australia’s Skills Sector

Albanese Government 2023-24 Budget for Skills Sector

The Albanese government’s 2023-24 budget for the Skills Sector in Australia prioritises rebuilding and modernisation of the sector. They aim to strengthen the economy and provide more Australians access to well-paid and secure jobs.

Recognising the failure of the previous government to deliver adequate skills reform, the Albanese government has already taken steps to address the issue of skills shortages and workforce gaps. They have provided 180,000 Fee Free TAFE (Technical and Further Education) courses and vocational education and training (VET) places in 2023 and invested in financial support for apprentices, particularly those pursuing new energy apprenticeships.

Skills Development Through 2023-24 Budget for Skills Sector

To tackle the nation’s skills challenges, the 2023-24 budget includes significant investments in skills development. It builds upon the previous allocation of over $400 million in the October 2022 budget for an additional 300,000 Fee Free TAFE and VET places in high-demand areas from 2024 to 2026, pending agreement with states and territories.

The government is committed to removing barriers that prevent Australians from accessing education and training opportunities that can transform their lives. They aim to help Australians reach their maximum potential by providing support and access to education and training opportunities.

An Overview of the Government’s 2023-24 Budget for the Skills Sector

  • National Skills Agreement: The government plans to invest an additional $3.7 billion for five years in a new National Skills Agreement with states and territories, focusing on vocational education and training centred around TAFE. Gender equality, women’s participation in the labour market, and the transition to a net-zero economy are vital priorities under this agreement.
  • Reforming Foundation Skills Programs: The government has allocated $436 million over four years to enhance the delivery of Foundation Skills programs. This funding will improve literacy, numeracy, and digital skills training for Australians aged 15 and above.
  • Supporting Australian Apprenticeships: An additional $54.3 million will be invested to enhance support, mainly to improve completion rates. The focus will be on providing better services and targeted support for underrepresented groups such as women, First Nations people, culturally and linguistically diverse (CALD) apprentices, and individuals with disabilities.
  • Australian Skills Guarantee: The government will allocate $8.6 million to establish the Australian Skills Guarantee. It will introduce national targets for apprentices, trainees, and paid cadets working on government-funded infrastructure and ICT projects. Sub-targets will be set to increase women’s participation in apprenticeships.
  • Defence Vocational Skills Taskforce: An extra funding of $3.9 million over two years to establish a task force to develop the required workforce for Australia’s sovereign industrial base and to support the delivery of the country’s nuclear submarine program.
  • Modernising the VET Student Loan Program: $42.2 million will be dedicated to developing a modern IT system for the VET Student Loan program.

Read more about the $4.1 Billion Investment in Skills and Training by Albanese Government here.

The Albanese government acknowledges the nation’s significant skills shortage and aims to provide greater opportunities for Australians to get the necessary skills for sustainable employment. It includes a focus on priority workforce areas, such as clean energy, care services, agriculture, hospitality and tourism, construction, technology, and sovereign manufacturing capability.

Learn more about the Albanese government’s plans for the skills sector here.

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