Australia has among the most educated young people in the OECD, with 54 per cent holding an advanced qualification in 2021, but they languish near the bottom of the pile when it comes to earnings relative to their education.
, reveals the extent to which Australians, like people in most other countries, have adopted tertiary education as a normal step towards adulthood.
“The general increase in tertiary attainment may have led employers to expect a tertiary degree as the new normal, pushing students who would benefit more from vocational education and training into academic tertiary training instead,” Mr Cormann wrote.Vocational programs that can be started in upper secondary school were valuable pathways, but still rare, he said.
“There should now be a focus not just on growing our stock of workforce talent, but on allocating our existing talent more efficiently,” Mr Andrews said. Another possible reason for the low post-study returns may be related to what students study. The report points to one-third of all new university students studying either business, administration, or law, while only 7 per cent study information technology.
He also noted limitations in Australian organisations’ ability to extract value from their educated employees and signs that education institutions need to modernise in what, how and who they educate.
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