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What is the training benchmark?

Employers sponsoring under the 457visa scheme are required to meet a number of requirements before they can be approved as a sponsor. One such requirement is the need to demonstrate their contribution and commitment to the training of Australians by satisfying the Training benchmark outlined by DIAC. Employers must spend 1 percent of payroll, including super (incurred in the last 12 months) on training their Australian citizen or permanent resident employees.
Ex: If a company is spending $500,000 on wages including Super. Then they need to spend $5,000(1 Percent) on training their PR or Citizens.