2. Financial analysis

The disruption of the pandemic along with rising costs continued to affect the financial performance of the sector, resulting in an overall net deficit result. Underlying growth in employee costs, an issue that existed before the pandemic, also continues to impact the sector. 

TAFEs must focus on managing these costs and increasing alternative sources of revenue to ensure their long-term financial sustainability.

1. Audit outcomes

We provided clear audit opinions for all financial reports and performance statements across the technical and further education sector. Parliament and the community can use these reports with confidence.

Results of 2021 Audits: Technical and Further Education Institutes

Body
In this report, we summarise the outcomes of our audits on the financial reports and performance statements of the TAFE sector for the year ended 31 December 2021. We also report on key matters arising from our audits and analyse the TAFE sector’s financial performance.