Business leaders can apply for new $476m skills fund

AUSTRALIAN businesses can now apply for support to boost workforce skills – with business leaders able to shape that training – under the Federal Government’s new $476 million Industry Skills Fund.

The fund will provide up to 200,000 training places and skills advice for businesses over the next four years, with businesses contributing between 25 and 75 percent of the training costs, according to Assistant Minister for Education and Training, Simon Birmingham. 

“This is a new way of providing support to businesses that need to upskill or retrain their employees to enable their business to grow, diversify, adopt new technologies, or take advantage of new market opportunities,” said Senator Birmingham.

“For the first time, employers will be supported to decide what training is needed in their business, and which training provider they want to work with, to boost their business productivity and competitiveness.”

Priority will be given to small and medium-sized businesses, including micro businesses, as well as to businesses looking to grow in the sectors in which Australia enjoys a competitive advantage, Sen. Birmingham said. The Federal Government saw those focus areas as advanced manufacturing, food and agribusiness, medical technology, mining equipment, and oil, gas and energy resources.

“The Industry Skills Fund is a key part of the Abbott Government’s ambitious program of vocational education and training (VET) reform to lift the quality of both training providers and their courses, enhancing the contribution VET makes to the employment prospects of students and the competitiveness of Australia’s economy,” Sen. Birmingham said.

Businesses wanting support to train workers will have to make a contribution of between 25 and 75 percent to the cost of training. The co-contribution rate depends on the number of employees, with smaller businesses receiving higher levels of support.

Applications are accepted on an ongoing basis, throughout the year.

www.business.gov.au

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