I have just tried to provide some information as I know it. HC...

I have just tried to provide some information as I know it. HC members can accept it or not. To answer your questions re ACO:

80% completion rates are very high in the VET sector. Students do not sit an external examination and are generally given an assessment by their trainer. As most trainers are employed on a casual basis and often paid on the basis on assessments submitted and passed it is common that students can be given a passing grade when in fact the grade was unwarranted. ASQA the governing body has in the past removed passing grades upon audit. I'm not saying this is the case with ACO but is something anyone investing in this sector should be aware of.

You are correct it is not the RTO's fault if payments are made for courses with oversupply or no value (massage and personal training come to mind). The funding bodies can however quickly remove funding for specific courses. Again this is not specific to ACO but something investors should be aware of.

Talking to several people in the industry the feeling is that whilst the TAFE's were inefficient funding to a lot of RTO's has not been productive in bringing skilled people to the workforce. The massive increase in student debt the FEE HELP has left the Government with a large sum that will probably never be recovered. As such the Government is looking at ways to if not reduce funding to at least see it directed towards the best areas for education. Again not ACO specific but something investors should be aware of.

I hope this helps.