At a cost of $840.3 million over four years, the package is aimed at getting 120,000 vulnerable people under the age of 25 into work.
The bulk of the funding ($751.7 million) will go towards the Youth Jobs PaTH program, which has three stages.
The first stage is a pre-employment skills training program that will give job seekers six weeks of training in areas such as IT, presentation, working in a team, job preparation and job hunting. This phase will begin in April 2017.
The second stage is a voluntary internship program, also beginning in April 2017, which will see businesses receive an up-front payment of $1000 to host an intern for between four and 12 weeks. Up to 30,000 placements will be supported each year, with the intern to receive payments of $200 a fortnight in addition to existing income support payments.
The third stage of the program, which will commence from January 2017, is a Youth Bonus wage subsidy that will give employers between $6,500 and $10,000 if they hire an eligible job seeker.
As part of the final stage, existing wages subsidies available to employers that hire youth, parents, indigenous and mature-age workers and the long-term unemployed will be “streamlined”.