Across 2021-2023, NSW Education and TAFE NSW made $6.8 billion in cumulative asset revaluations after years of incorrect building valuation assumptions. TAFE NSW also contravened the Government Sector Finance Act by spending without ministerial delegation. A $46M unrecorded parental leave liability was discovered in 2023.
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$6.8B of Australian taxpayer money was misappropriated at NSW Department of Education / TAFE NSW. Across 2021-2023, NSW Education and TAFE NSW made $6.8 billion in cumulative asset revaluations after years of incorrect building valuation assumptions. TAFE NSW also contravened the Government Sector Finance Act by spending without ministerial delegation. A $46M unrecorded parental leave liability was discovered in 2023.
Spread across Australia's 10.8 million households, that's roughly $627 per family — enough in total for funding roughly 56 public hospitals for a full year.
NSW Auditor-General financial audits of the Education cluster (2021, 2022, 2023) found cumulative prior-period restatements totalling $6.77 billion: $863.8M land revaluation (2021); $1.2B Department of Education asset revaluation (2022); $4.7B TAFE NSW asset revaluation (2022); plus a $46M unrecorded employee parental leave liability discovered in 2023. Root causes: outdated valuation models used for multiple years without correction; incorrect building assumptions not identified through internal audit; and TAFE NSW spending without ministerial authorisation in breach of the Government Sector Finance Act 2018. Multiple years of prior-period restatements represent systematic financial reporting failure. Recommendations implemented; governance reforms ongoing.
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