Government funding for the VET sector jumped during 2020 the first Covid-19 year, according to new figures from the National Centre for Vocational Education Research (NCVER).
In 2020, government funding provided through VET appropriations and VET intergovernmental funding arrangements totalled $7.7 billion, an increase in nominal terms of $1.3 billion or 20.8 per cent from 2019.
The Australian Government provided $3.8 billion, an increase of $1.2 billion or 44.7 per cent, while state and territory governments provided an additional $3.9 billion, an increase of $142.3 million or 3.8 per cent.
The NCVER report, Government funding of VET 2020, also shows Canberra provided $273.4 million for VET Student Loans and $199.3 million for Trade Support Loans.
Funding distributed across VET activities included:
- $5.0 billion for direct VET delivery, an increase of $113.1 million or 2.3 per cent
- $1.5 billion for employer assistance to engage in VET, an increase of $854.9 million or 42.9 per cent
- $128.4 million for student assistance for equipment, travel and other costs
- $323.7 million for capital investment, an increase of $143.0 million or 79.1 per cent
- And $581.5 million for system administration and governance.
In 2020, compared with 2019, reported spending on apprenticeships increased by $778.2 million or 53.1 per cent to $2.2 billion.
Picture: Victorian TAFE International
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