Largely agreed, dubspec. The incremental payment scheme, following results, is how VET has been funded for years in Australia. Historically only TAFEs were ever funded in lump sum grants, primarily to cover their exorbitant overheads and nominally to provide for flexibility.
Unfortuately the mandarins and bureacucrats working federally have failed to grasp this simple concept since the Gillard/Rudd years when policy was announced (initially PPP) on the back of a now discredited 21st Century Report, but detail left to the private marlet rent seekers who dominate the news at least for now (Dawkins, VET's founding Chairman comes to mind here)
More unfortunate is that the mainstream VET sector who are committed passionately to training outcomes, werent/arent smart enough to mobilise - mostly because they are busy struggling to do a great job with meagre resource.
I think Mr Cummings is both noble and heroic in the job he has taken on, but for the life of me cant understand why a) VET would accept a paltry 4 million from the founders? and b) VET would enter into confidential agreements?.
We are a very long way from knowing the full story of VET, its founders and its government relations at and following listing and I think the shareholders and public have a right to know.
VET Price at posting:
12.0¢ Sentiment: None Disclosure: Not Held
