Wow, surprising isn't it? Privatised education, who'd a thought that corners would be cut when a business has to profit from a service it delivers. From personal experience in the VET FEE-HELP Pilot Training arena a significant cost of the course is complying with government regulation. That's if you decide that you're not going to cut corners in this area!
That the government was too lazy/stupid/couldn't give a rats, about oversight is not the industry's fault. I know of multiple Flying School CEO's that begged the government to get on top of auditing before the whole sector turned to ****.
Now have a look at the vocational education sector and the steaming turd that it has become. Can't get a decent tradesman for love or money. Can't even get some trades, building houses out of alternative products because you can't get a brickie.
It's yet another segment of Australian industry that has become an embarrassing joke. Couldn't manufacture a toothbrush!