The combination of gown, stole or hood and trencher cap or bonnet is relevant to the qualification that you are graduating in, ie TAFE or higher education. The hood colour will also vary based on the discipline that you have studied in your degree. Visit the 'About academic dress' webpage for more information.
The fee to graduate in one of the formal ceremonies includes the cost of the hire of your academic gown for the ceremony. It is possible to hire academic dress at any other time for a fee. The trencher cap worn by higher education graduates is yours to keep after the ceremony.