The Albanese government if re-elected will provide a $10,000 incentive payment to apprentices to work in housing construction.

The promise will be announced by Prime Minister Anthony Albanese when he addresses the National Press Club on Friday.

The money would be paid in amounts of $2000 at the six, 12, 24 and 36 month stages of the apprenticeship with the final payment at the end of it.

The initiative’s cost of $626.9 million over four years is already accounted for in the December budget update.

Albanese’s speech, a section of which was released ahead of delivery, will have a strong economic focus.

The government has a target of 1.2 million new homes being constructed over five years. At the moment not enough homes are being built to reach the target.

Albanese will say that young trainee tradies are under significant financial pressure. A first-year carpentry apprentice earns about two-thirds of the minimum wage, and sometimes less.

“As a number of apprentices have said, they could earn a lot more stacking shelves in their local supermarket,” the PM says in his speech.

“Too many leave training, because they can’t afford to stay.”

The government wants to encourage more people “to get on the tools – and stay in construction,” he says.

The allowance paid to apprentices living away from home would be increased, for the first time since 2003. It is currently $77.17 a week.

“And, in occupations essential for residential construction, jobs like bricklayers, electricians, plumbers, carpenters and joiners, we will be providing eligible apprentices up to $10,000 through our new Key Apprentice Program.” The program would start on July 1.

This means that apprentices in residential construction would get the same training incentives already going to those in the clean energy sector.

This is the latest in a string of spending promises made by Albanese so far this year, which have included $7.2 billion to upgrade the Bruce Highway.