Greg Combet (Charlton, Australian Labor Party, Minister for Climate Change and Energy Efficiency) Share this | Hansard source

Thank you to the member for Banks for his question. Investing in skills is an investment in our economy and it is an investment in working people's futures and the futures of their families. People who improve their workplace skills earn significantly better wages. For example, someone who obtains a certificate III, or higher, qualification can expect to earn an extra $400,000 over their working life compared to someone who does not have that level of qualification. Eighty-three per cent of Australians with a certificate III level qualification, or above, have a job at any given time, whereas only 57 per cent of those who do not have those qualifications are in work at any point in time.

Now these are extremely important things for a Labor government and they underpin our commitment to enabling people to fulfil their potential and acquire workplace skills. That is why the government have already made $7.2 billion available to the states and territories over the next five years for vocational education and training. But today the government announced that a further $1.75 billion would be available to deliver more reforms. As the Prime Minister indicated earlier, the government aims to ensure that an additional 375,000 students complete vocational education and training qualifications over the next five years. As part of these reforms, Australians from post-school to the age pension will have access to a subsidised training place up to certificate III level—an entitlement.

The government also recognises that young people and their families sometimes struggle with the cost of fees for training courses and that is why, in today's announcement, the government has made clear that it will make available interest-free, deferred loans instead of upfront fees for 60,000 vocational education and training students per year studying publicly subsidised diplomas and advanced diplomas. These investments in skills will ensure that our economy remains strong in the future and that working people have the opportunities that they are entitled to. Investment in skills is the key to our economic future. It is the key to future jobs growth. It is the key to future living standards. It is the key to competitiveness. It is the key to productivity and it is the key to getting through some of the current economic challenges we face in the form of the high dollar. That is what this Labor government is delivering.

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