Media Release: Launch of major report on the importance of TAFE to Victoria's prosperity
The major contribution of the TAFE sector to Victorian prosperity was confirmed today in a major report released by the Victorian TAFE Association in conjunction with KPMG.
Written by Professor Stephen Parker, KPMG’s National Education Leader, and drawing on analysis and modelling by KPMG Economics, The Importance of TAFE to Victoria Prosperity outlines the ways Victoria’s 12 standalone TAFE institutes and four dual sector universities support Victoria’s economic and social wellbeing.
Some of KPMG’s findings include:
- Victorian TAFEs contribute $2.9 billion to Victoria Gross State Product annually
- Victorians enjoy a return of $2.19 in economic activity for every $1.00 spent by Victorian TAFEs and dual sector universities
- The activities of Victoria’s TAFEs result in a lift the overall productivity of Victoria’s workforce
- The backbone supporting TAFE’s economic contribution is targeted training facilitated through long-standing and robust industry and employer relationships and delivered through world-class facilities located in every corner of the state
- The pivotal role of TAFE in supporting social cohesion and mobility, with 40 per cent of students enrolled in TAFE coming from a low socio-economic background, compared to 33 per cent in private RTOs and 17 per cent in universities
- The central position of TAFE in supporting regional communities, with TAFE training proportionately more regional students than other training providers
- The continued need for a robust and strong TAFE network to meet rapid industry transformation and skill shortages that will change the shape of the Victorian economy and society into the future.
Victorian TAFE Association Executive Director Andrew Williamson said “The KPMG report confirms the vital role of TAFE to the social and economic wellbeing of all Victorians“.
Mr Williamson also pointed to other lessons that can be drawn from the report.
“VET will continue to be a valued and integral part of Victoria’s education system and an essential component in Victoria’s ability to meet the economic and social challenges of the future. A strong vocational education sector relies on the leadership and stewardship of the public TAFE network siting at its core.”
Professor Stephen Parker, KPMG National Education Leader, said: “More than ever before, Victoria’s and Australia’s current and future workforce need to prepare for the changing requirements of employment. These changes will happen to jobs themselves, and the skill profiles within jobs. Our report shows that a healthy and vibrant TAFE system will be a non-negotiable and vital part of ensuring that Victoria has an education system that can meet the skills needs of the future.”
21 June 2018