Last week, the Federal Government submitted to the House amendments to the Trade Support Loans Act 2014 that would extend a loans scheme for Tradie apprentices to students in areas where there are skills shortages, such as aged care.
Currently, the interest-free loans of up to $22,980 available to apprentice Tradies are repaid through the tax office once income reaches $48,361. Students who complete their apprenticeship receive a 20% discount on the amount they need to repay.
The loans are intended to help apprentices with everyday costs while completing their training.
The Trade Support Loans Amendment Bill 2023 gives the Minister for Skills and Training, currently the Hon Brendan O’Connor MP, the power to extend the loans scheme to apprentices or trainees who are gaining qualifications that will lead them to occupations where there are skills shortages – like aged care.
You can find the new legislation and the Explanatory Memorandum HERE.
