Explanatory Memorandum(Circulated by authority of the Minister for Industry, the Honourable Ian MacFarlane MP)
The Trade Support Loans Bill 2014 establishes the Trade Support Loans Programme. These loans will be concessional and income-contingent, and there will be a lifetime limit of $20,000 (indexed from 2017). The loans will be repayable when the individual's income reaches the Higher Education Loan Program (HELP) repayment threshold.
The Bill also provides for a 20 per cent discount to be applied to the loan, incurred when an Australian Apprentice has successfully completed their apprenticeship.
Trade Support Loans aim to assist apprentices in covering the personal costs of engaging in and completing apprenticeships.
The Trade Support Loans (Consequential Amendments) Bill 2014 makes consequential amendments to existing principal legislation as part of the Trade Support Loans Programme.