GOTAFE’s Finances Improve Under Labor Government

14 April 2016

GOTAFE has reported a substantial turnaround in its finances under the Andrews Labor Government.

The institute’s annual reports tabled in State Parliament today shows GOTAFE went from a deficit of $10.9 million in 2014 under the Coalition to just $1 million in 2015, a $9.9 million turnaround.

In 2015, the Labor Government invested heavily in TAFEs, including GOTAFE, through a range of initiatives including the $320 million TAFE Rescue Fund, the $50 million TAFE Back to Work Fund, a $50 million TAFE Boost fund and a $16 million investment in Skills and Jobs Centres.

This money is being used to re-open campuses, rebuild facilities, and to help TAFEs meet their unique role supporting vulnerable students and rural and regional Victorians into quality training and jobs.

The Labor Government recognises GOTAFE is vital in supporting the needs of industry and training the state’s future workforce.

We’ve begun the task of transforming the system to future-proof our TAFEs to ensure they have the resources needed to support industry and provide Victorians the skills they need for the jobs they want.

Whilst we made good inroads in 2015, there is a long way to go for the system to fully recover from the Coalition’s policy chaos.

While the Liberal Government policy changes and funding cuts continue to impact enrolments, national issues like the multi-billion dollar VET-FEE Help debacle and growing enrolments in higher education are also having a major impact.

The Liberals’ mismanagement of the training system and cuts to TAFEs meant eight of the state’s twelve TAFE institutes were in serious financial turmoil in 2014.

Annual reports tabled in today show publicly funded institutes will record a $25 million surplus in 2015, compared to a deficit of $52.5 million in 2014 under the Liberal Government, a $77.5 million turn around.

Quotes attributable to Minister for Training and Skills Steve Herbert

“This Government is working to save GOTAFE from financial stress caused by the former Coalition Government.”

“The institute plays such a vital role in the training of locals and I’m pleased to see that our efforts to support the TAFE are already seeing results.”

“We didn’t waste a day in investing money into an institute which we know is helping shape the lives of locals.”

Reviewed 19 August 2020

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