Vocational Education and Training Funding
The Gillard Government has revealed its $15.6 billion investment into skills and training. Set to be implemented over the proceeding four years, the investment focuses on expansion of the Vocational and Education Training (VET) sector.
With over 1.7 million students enrolled in the public VET system alone, funding for programs is critical to the livelihood of the nation and imperative in delivering the high quality training needed to meet the skill demands of the future. As enrolment to post-secondary education is sluggish and current subsidization minimal, the proposed reforms aim to educate a workplace for tomorrow.
Development will improve access to and quality of training, seeing $1.75 billion injected into programs. While funding addresses the nation’s ever present skill shortage, it also allows Australians a guaranteed placement to gain skills through Certificate III and IV qualifications, like the Cert IV Training and Assessment and access to HECS style loans for Diploma and Advanced Diploma students.
This sudden move to support jobs and invest in workplace training is in response to the growing demand of high level skills, upward of 2.5 times the rate of unskilled jobs. The reforms will be vital factor, influencing businesses and individuals alike.
Funding will entrust the Australian Skills Quality Authority to oversee and regulate the VET sector responding to public concerns about the quality of VET training. The funding will also establish Australian Skills Centres of Excellence in partnership with industry and training organisations. These centres will create a benchmark for practice and performance, paving the way for future jobs.
Overall this funding brightens Australia’s future, increasing the number of students enrolled training courses will see it set to become an economic powerhouse due to the highly skilled workforce.
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