TEQSA has announced today that it is moving to a cost recovery scheme for its regulatory and quality assurance services from the start of 2023.
Their aim of recovering 90% of costs will mean cost increases for services, including provider registration and re-registration (including CRICOS), course accreditation and re-accreditation as well as for annual registration activities, such as advisory services and the profiling and management of risk.
In line with TEQSA’s risk-based approach, the Cost Recovery Implementation Statement announces that re-registration charges for higher education providers without self-accrediting authority will increase to approximately:
- $60,000 for a Core assessment, and
- $102,000 for a Core Plus assessment (applied to providers considered higher risk).
- $25,000 for CRICOS re-registration charges.
Additionally, TEQSA will be charging a small fee for service from 2023 for general enquiries and guidance on higher education legislation.
There has never been a better time to ensure that your institution is in the best possible shape prior to submitting to TEQSA. If you’re about to embark on re-registration preparation, course accreditation / re-accreditation, or CRICOS renewal, contact our team for a complimentary advisory session to find out how this change could impact you, and what you can be doing early to ensure low impact.