The Albanese government is offering $10,000 bonuses to apprentices in the residential housing sector as part of a $626 million initiative to reach the target of 1.2 million new homes by 2029.

Key points:

• Bonuses paid in $2,000 instalments throughout a four-year apprenticeship, starting July 1.
• $4 billion in incentives aimed at boosting construction.
• An increased living allowance for all apprentices.
• Despite the effort, the Master Builders Association predicts a shortfall of 350,000 homes due to labor shortages and other challenges.

This initiative is part of a broader push to address housing shortages ahead of the federal election.