Victoria’s TAFEs have reported a substantial turnaround in their finances under the Andrews Labor Government.
Annual reports tabled in State Parliament 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.
In 2015, the Labor Government invested in TAFEs heavily 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 and rural and regional Victorians into quality training and jobs.
The Labor Government recognises TAFEs are 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 Liberals’ policy chaos.
While the Liberal Government policy changes and funding cuts continue to impact TAFE 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.
Ten of Victoria’s 12 TAFEs published their annual reports today, with reports from William Angliss and Federation Training to follow.
Quotes attributable to Minister for Training and Skills Steve Herbert
“This Government is saving Victoria’s TAFEs from financial ruin caused by the former Liberal Government.”
“It will take time to boost TAFE enrolments and restore confidence in the system. We’ve made great inroads through our unprecedented crackdown on dodgy training providers.”
“We are developing a new funding model based on quality improvements and initiatives tailored to meet the skills needs of industry.”
Reviewed 19 August 2020