Canberra, Jan 24 (IANS): Australia's Prime Minister has promised cash incentives for apprentices who work in residential construction as part of a push to build more homes.

Anthony Albanese announced the election policy in his first major speech of 2025 to the National Press Club on Friday, saying that it would aid the next generation of trades workers -- commonly known as 'tradies' in Australia - while providing a boost to the construction workforce.

Under the 626.9 million Australian dollar (395.4 million US dollar) policy, trades apprentices working in residential construction would receive 10,000 AUD (6,308 USD) in five installments over the course of their apprenticeship.

"We recognise the next generation of tradies, the people we're counting on to build the new homes we need, are under significant financial pressure," Albanese said.

"Too many leave training because they can't afford to stay. Our government wants to encourage more Australians to get on the tools - and stay in construction."

Albanese's Labour Party government in 2023 set a goal of building 1.2 million new homes in Australia over a five-year period to 2029 to ease the country's housing affordability crisis.

The industry body Master Builders Association on Wednesday said that construction began on 165,000 new homes in the 12-month period to September 2024, Xinhua news agency reported.

Denita Wawn, Chief Executive of the association, said that at the current pace, 825,000 new homes will be built over the five-year period.

An advisory group of industry leaders set up by Albanese's government said that achieving the 1.2 million goal would require an extra 90,000 residential construction workers.