BUDGET SETS FRAMEWORK FOR FUTURE OF HIGHER EDUCATION
May 13, 2008
Tonight the Treasurer, Wayne Swan, announced a total of more than $2billion in new policy initiatives for higher education in the Rudd Government’s first Budget. In addition to honouring its election promises, the announcements also included the allocation of part of the Budget surplus into two new funds. The Education Investment Fund absorbs the HEEF and will be augmented by an additional $5billion. This new $11billion will provide a solid opportunity for the Government to build its education revolution in the future. In addition, a new one-off allocation of $500m for the Better Universities Renewal funding addresses urgent capital works in universities.
“In addition to distributing the interest earned on the education investment fund, the Minister has indicated that the capital may be drawn down. This provides the Government with the capacity to invest in universities and vocational education for the future,” said Dr
"The one-off $500m injection of capital funding is much needed by our universities to renew, upgrade and refurbish IT systems, teaching facilities, libraries, laboratories and student amenities.
The Government is also delivering its election promises including:
· Phasing out of domestic undergraduate full fee places from 1 January 2009;
· Reducing student HECS contributions for new students studying mathematics and science;
· Doubling the number of Commonwealth Learning Scholarship for undergraduate students and Australian Postgraduate Awards for higher degree research students; and
· 1,000 new mid-career Future Fellowships for Australian researchers worth a total of $190,000 per year.
“For staff employed at Australian universities the fellowships are a highly welcome initiative because by targeting mid-career researchers they recognise that our universities are facing a major challenge in recruiting new staff due to the rapidly ageing academic workforce.”
“The NTEU understands that it will take more than one year and one Budget to repair the damage caused to our universities by eleven years of Coalition funding cuts and unwarranted, and often politically motivated, government intervention in the day to day operations of universities,” concluded Dr Allport.
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