The celebrated author, scientist and one of the founding fathers of the United States of America, Benjamin Franklin once said,” An investment in knowledge pays the best interest.” And it is true to this date. Governments across nations have researched and invested billions of dollars to design an education system that will prevail over unemployment, inequality, and poverty.
Likewise, the Australian government took the initiative to develop skills among its workforce through vocational education and training. In 1974, the state governments and the Commonwealth in Australia collaborated to fund the Vocational Education and Training (VET) System. With this system, they wanted to hike workforce involvement, production levels and economic and societal growth.
Since then, Australia has seen decades of steady growth and development. The Australian work industry heavily relies on the certification of qualifications from the VET system to find the right skill for their businesses. In this multi part (find Part 2 here- Insert Link of Part 2 here) blog, we will walk through the VET ‘Hall of Fame.’ We will learn about the challenges and success and the role the VET system plays in Australian economic growth.
Current Facts About the VET System
Before we learn more about the VET system and how it impacts the Australian economy. Let us see some current facts about it: