More than $1 billion in new student grant funding has been earmarked for universities, the government announced today.
The government announced the $1.2 billion grant will be used to upgrade and modernise existing academic courses in Australian higher education institutions and improve quality of teaching.
The money will go to over 1,400 institutions, including more than 100 Australian universities.
The Commonwealth has been running a pilot program since March this year to ensure universities can maintain academic standards, while the state government is now looking at a broader program.
The grant, which is a $1,000 increase on existing funding, will be administered by the Department of Education.
It will be allocated to institutions and supported by additional grants from other federal departments.
The program will be rolled out over a five-year period and the grant will last until 2023.
The funding will also provide support to more than 10,000 Australian universities to ensure their institutions are meeting the highest standards for their students and faculty.
“We are proud to announce the funding to upgrade our academic and teaching programs and to support the delivery of these programs across our higher education system,” Education Minister Peter Collier said.
“This is a long-term investment, but it is also a strong commitment to improving the quality of our academic, teaching and learning environments.”
Our universities are at the forefront of the development of innovative ideas that help our nation’s economy and society thrive.
“Professor Peter Dolan from the University of Melbourne said universities were key to Australia’s economy.”
The new funding will be a welcome addition to Australia and has been a long time coming. “
Australian universities are the leaders in terms of innovation, and that’s what I think we have to look to them for.”
The new funding will be a welcome addition to Australia and has been a long time coming.
More than 30 Australian universities have been under review for funding and have been unable to secure funding due to lack of state funding, particularly in higher education.
“It’s very exciting to see this funding, especially given the significant funding that has been allocated for this program, and to see it come through so quickly,” Professor Dolan said.