The Treasurer has placed quite an emphasis on young people and education this year. Vocational training is the big winner.
1. The government will start viewing vocational training in a similar light to higher education. They will provide apprentices doing a four year training with Trade Support Loans of up to $20,000. Those studying for diplomas and sub-bachelor degree courses will also be eligible for government support.
2. From 2016, universities will be allowed to set their own tuition fees. However, if you are already studying, you are ‘grandfathered in’ until 2020.
3. Fees only become repayable when students are in the workforce and earning over $50,000 per year.
4. Newstart for those unemployed under the age of 25 will become Youth Allowance, while those jobless under the age of 30 face a six-month wait before they can claim benefits.
If you want to find out more about how the 2014/15 Budget will affect your financial future, phone Wealthwise on 08 9380 6333 to speak to one of our advisers or use our Contact Form.
For Federal Treasurer Joe Hockey’s full statement check out the government’s budget website.