The Government has been advised that TOOL has gone into voluntary administration and has appointed an administrator.
This follows an independent special audit of TOOL earlier this year which found its financial management, reporting systems and processes needed to be reviewed and TOOL was not in a financially sustainable position.
TOOL subsequently agreed to rectify the issues before the end of October and in July, TOOL informed the government that many of the issues had been fixed and were confident of meeting the October deadline.
On that basis, the Government supported TOOL by advancing a payment of $67,500 to support the ongoing financial viability of TOOL as they worked to fix their operational structure.
Unfortunately, despite the Government’s best efforts and bringing that funding forward, TOOL has entered into voluntary administration.
To date, the Government has funded TOOL in line with our election commitment of $270,000 for last year, plus the advance on this financial year’s first quarter. The remaining money has been quarantined for youth training and will either form part of TOOL’s new structure or be invested into other worthy programs.
The Government remains committed to a number of programs that support young Tasmanians facing barriers to training and work, including;