Technical and Further Education Institutes: 2014 Audit Snapshot

TAFE cover

Tabled: 28 May 2015

This report comments on the outcomes of the 2014 financial audits of the 12 technical and further education (TAFEs) institutes and their controlled entities. The report makes comment on the financial results, trends and risks. It also comments on performance reporting and risk management at the TAFEs, being two key areas of governance within TAFEs.

The TAFEs whose financial reports are complete and commented on in this report had a combined net deficit of $75.4 million for 2014. This result follows a combined net deficit of $15.1 million in 2013.

Our indicators of financial sustainability risks show short-term challenges at six TAFEs, and longer-term risks emerging for the whole sector as spending on asset replacement and renewal is decreasing.

Victoria's TAFEs have undergone a period of structural change since 2012 when the then government altered its funding model. The agility of TAFEs to respond to these changes and associated challenges has varied, and not all have responded in a timely and/or financially sustainable way.

While some steps have been taken by the sector to respond to the structural changes, bigger steps are needed by TAFE boards and the Department of Education & Training to turn around the financial decline within the sector.








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Audit team

Simone Bohan

Engagement Leader

Helen Grube

Team Leader
Matthew Graver
Audit Senior

Ryan Ackland

Engagement Quality Control Reviewer

Roberta Skliros







Last updated on 31/08/2016