The Government will provide $476.0 million over four years to establish the Industry Skills Fund (ISF) from 1 January 2015 to support the training needs of small to medium enterprises which cannot be readily met by the national training system. Industries targeted will include: health and biomedical products; mining, oil and gas equipment technology and services; and advanced manufacturing, including defence and aerospace.
The ISF is expected to deliver 121,500 training places (providing participants with qualifications, skill sets and recognition of both prior learning and current competencies) and 74,300 support services (including mentoring and foundation skills) over four years. Businesses will be required to make co‑contributions towards the cost of training on a sliding scale depending on the size of the enterprise.
The Government will also achieve savings of $1.0 billion over five years from 2013‑14 by ceasing the following ten skills and training programs from 1 January 2015:
- National Partnership Agreement on Training Places for Single Parents;
- Accelerated Australian Apprenticeships Program;
- Australian Apprenticeships Mentoring Program;
- National Workforce Development Fund;
- Workplace English Language and Literacy Program;
- Alternative Pathways Program;
- Apprenticeship to Business Owner Program;
- Productive Ageing through Community Education;
- Australian Apprenticeships Access Program; and
- Step Into Skills Program (including additional savings of $0.8 million in 2013‑14 by not commencing the program as scheduled).