The term 'SETA' is an acronym for the South African Education and Training Authority. It is a government agency that was established in 1998 to oversee the development of education and training in South Africa. The agency is responsible for setting standards, monitoring performance, and providing support to educational institutions. The term 'NEW RECORD' refers to the agency's success in achieving its goals, which has resulted in a new record of educational attainment in South Africa.