NCVER releases VET financial data
The National Centre for Vocational Education Research (NCVER) has released key financial information of the country’s vocational education and training (VET) system.
Overall, operating revenues for the public VET sector were $7.869 billion in 2011, an increase of $720.5 million (10.1%) compared with 2010.
Comparing revenue for 2011 with 2010 shows:
- revenue from the Australian Government increased by 7.8%, or $159.7 million
- revenue from the state and territory governments rose by 18.3%, or $613.9 million
- total operating expenditures also increased to a total of $7.900 billion, an increase of $326.0 million (4.3%) from 2010.
Revenue from fee-for-service activities decreased by 4.8%, or $54.8 million compared with 2010 as a result of decreases in funding generated from overseas students’ fees (18.9%) and contracted overseas training (10.6%).
The public VET sector’s net assets (total assets less total liabilities) at the end of 2011 were $10.670 billion, an increase of 3.1% from 31 December 2010.
The beleaguered Victorian Government has claimed the report shows that the State continues to be the highest investor in VET in the country, despite the looming $300 million cuts to the sector.
“With a population that comprises 24 per cent of all Australians, Victoria provided 33 per cent of all State and Territory funding for vocational education delivery and support last year,” State Education Minister Peter Hall said.
Copies of Financial information 2011 are available from www.ncver.edu.au/publications/2550.html