October 7, 2020

Manufacturing industry set to leverage Budget spend to create jobs of the future

The IBSA Group believes the Federal Government $1.5 billion investment over four years as part of its Modern Manufacturing Strategy is an ideal opportunity to modernise the skills and qualifications of the sector, and revitalise Australian manufacturing’s capabilities so workforces can thrive in the fourth industrial revolution. 

Measures such as the $52.3 million Skills for Education and Employment Program, $29.6 million for the Careers Institute and a focus on improving the priority of STEM in schools will  improve the skills of young people coming through the rapidly changing manufacturing sector now and in the future.  

“This investment, on top of the additional $1.2 billion allocated for skills training through direct investment in apprenticeships, creates a rare confluence of opportunity for industry.’’

Sharon Robertson, CEO, The IBSA Group

An additional 50,000 short course places in universities will help support displaced workers who are reskilling or upskilling to increase their job prospects; and funding for 100,000 new apprenticeships, through the $1.2 billion Boosting Apprenticeship Commencements wage subsidy scheme, will help support the needs of apprentices and employers as Australia works to recover from COVID-19 and get more people into apprenticeships and back to work.

As part of the funding announcement, the Government has announced it will engage with industry leaders to design road maps for targeted manufacturing sectors spanning two, five and 10 years by next April 

IBSA Manufacturing and Australian Industry Group (Ai Group) members will meet for a virtual planning event to discuss how the Vocational Education Training (VET) system can meet the demands presented by the COVID recovery project and the ongoing evolution of manufacturing, especially through digitisation and AI. 

Read our full media release here