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This report develops a framework for financial statistics for education and training in Australia, reviews the current Australian education and training financial statistics against that framework and makes recommendations for further developments of financial statistics by the National Centre for Education and Training Statistics (NCETS). The report responds to a need to address known gaps in current data, inconsistencies or lack of important detail in the available data sets, and new needs for education and training data arising from the changing nature of the workforce, globalisation and the increasing attention to lifelong learning both in and out of education and training institutions. This study was conducted against the background of the overall framework that the Australian Bureau of Statistics (ABS) is developing for education and training statistics. The Organisation for Economic Co-operation and Development (OECD), along with EUROSTAT and UNESCO, has been developing international collections of education and training statistics over the past decade. The OECD's framework for financial data is reviewed in the report and provides a base for the recommended framework. The main elements for the recommended framework, against which existing main financial data are reviewed, are scope, sources of funds, uses of funds, links to output, and accruals-based reporting.