The Albanese government is committed to rebuilding and modernising Australia’s skills sector through its 2023-24 budget. The aim is to strengthen the economy by providing more Australians access to well-paid and secure jobs. This effort builds on previous steps to address the skills gap and workforce challenges.
The government has allocated significant investments in skills development to tackle the nation’s skills challenges. This includes providing 180,000 Fee Free TAFE and Vocational Education and Training (VET) places in 2023 and investing in financial support for apprentices, especially those pursuing New Energy Apprenticeships. In addition, the 2023-24 budget includes over $400 million in funding 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.
Read our blog on the Fee-Free TAFE initiative for more information.
What Does the 2023-24 Budget Include
The government aims to remove barriers that prevent Australians from accessing education and training opportunities that can transform their lives. It is committed to helping Australians reach their maximum potential by providing support and access to education and training opportunities.
The government’s budget includes a range of measures to address the nation’s skills challenges. These include:
- An extra $3.7 billion in a new five-year National Skills Agreement with states and territories to provide greater access to vocational education and training, with TAFE being the focal point. The National Cabinet has agreed that the agreement will prioritise gender equality and women’s participation in the labour market, and jurisdictions will work together on national skills priorities, including transitioning to a net-zero economy.
- An allocation of $436 million over four years to enhance the delivery of Foundation Skills programs, improving literacy, numeracy, and digital skills training for Australians aged 15 and above.
- An investment of $54.3 million to enhance support for Australian apprenticeships, with a focus on better services and targeted support for underrepresented groups such as women, First Nations people, culturally and linguistically diverse (CALD) apprentices, and individuals with disabilities.
- The Australian Government will invest $8.6 million to create the Australian Skills Guarantee to achieve national targets for apprentices, trainees, and cadets working on government-funded infrastructure and ICT projects. The initiative also includes sub-targets to increase female participation in apprenticeships.
- The allocation 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.
- The dedication of $42.2 million to developing a modern IT system for the VET Student Loan program.
The Albanese government recognises the significant skills gap in the nation and aims to provide greater opportunities for Australians to acquire the necessary skills for sustainable employment.
Learn more about the government’s budget in this media release.
