TAFE Centre of Excellence Economic Impact
Investing in the Central Queensland TAFE Centre of Excellence is a direct way to support the Rockhampton community and help build a skilled future workforce for the region, while leveraging greater returns through University operations and staff and student expenditure.
Central Queensland faces a range of acute challenges, including a declining and ageing population, comparatively high levels of unemployment, the loss of talented students to south-east Queensland, and persistent skills shortages. COVID-19 has only served to amplify these challenges.
The Central Queensland TAFE Centre of Excellence will strengthen CQUniversity’s ability to provide world class training to counteract these negative trends and address critical skills shortages, in disciplines like automotive, mechanical engineering, plumbing, refrigeration, construction, carpentry, health and community services, emergency services, safety, hospitality and many more.
The Centre’s co-location with CQUniversity’s higher education operations will also serve to cross-pollinate training, industry engagement and research across future-focused areas such as hydrogen, biofuels, biomedicine and allied health, building innovation capacity in the region.
The development of the Central Queensland TAFE Centre of Excellence has the potential to directly create up to 133 jobs during construction. On top of this, the construction of the Centre will lead to increased VET student enrolments which will lead to additional permanent roles in training, industry liaison and student services. Ultimately though, more skilled workers will lead to better industry outcomes and productivity within the region – boosting the local economy and benefiting our community.
|TABLE 1: ESTIMATED ECONOMIC IMPACTS*|
|CONTRIBUTION TO GRP||JOBS|
|Construction budget ($48.5 million)||73.6||133||284|
|CQUniversity operations||Long Term||4.9||39||31|
|Student expenditure||Long Term||48.2||188||186|
|TABLE 2: ESTIMATED STUDENT AND EMPLOYEE GROWTH*|
|2020||2025||2030||% increase over 5 years|
|VET student enrolments||4250||5170||6300||48.2%|
|Trade student enrolments (apprentices)||1400||1624||1884||34.5%|
|2025||2030||31% increase over 5 years|
|Estimated additional university employees||20||39||95.0%|
|Estimated additional university employees ($)^||$2.8 million||$5.5 million||96.4%|
* Estimates based on current project modelling and economic impacts of comparable projects.
** Includes indirect and consumption effects.
^ All figures quoted are in 2020 prices.