The Victorian technical and further education (TAFE) sector is made up of 12 TAFE institutes and 16 controlled entities.
This report outlines the results of our financial audits of these entities and our observations for the year ended 31 December 2017. We also analyse the financial results and outcomes of the sector.
The financial reports of entities within the TAFE sector are reliable. Parliament and the community can have confidence in these reports.
We have assessed the sector as financially sustainable in the short term. The sector is currently replacing its assets at a rate greater than they are consumed. While this is a positive outcome, an asset maintenance backlog remains which TAFE institutes need to monitor and address to ensure longer‐term sustainability, that assets remain fit for purpose, and that they can be reliably used for future service delivery.