$6.6 Billion Fund to Reform Australian Higher Education

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  • Post last modified:February 25, 2024

Australia is considering new plans to boost the number of people with university or trade qualifications. This includes the idea of setting up an A$10 billion ($6.6 billion) fund for building educational facilities.

A group set up by the government, with Macquarie Group Ltd. CEO Shemara Wikramanayake among its members, has put forward a goal to increase the share of working-age Australians with higher education, like degrees or vocational diplomas, to at least 80% by 2050, up from the current 60%.

Prime Minister Anthony Albanese emphasized the importance of preparing for future job markets by equipping individuals with the necessary skills and knowledge.

One of the 47 suggested changes includes establishing a Higher Education Future Fund to enhance infrastructure and provide student accommodation. This fund would gather money from both universities and the government, aiming to reach A$10 billion in assets.

These efforts are meant to bolster a higher education sector that saw over 450,000 international students in 2022, making it Australia’s fourth-biggest export industry.

The government, led by Albanese, will review these recommendations, as stated by Education Minister Jason Clare.

Source: news.yahoo.com