Australia Studies Plan for $6.6 Billion Fund to Reform Education

David Stringer
·1 min read
3

(Bloomberg) -- Australia will study proposals aimed at increasing the number of adults with university or vocational qualifications, including creating a A$10 billion ($6.6 billion) fund for education infrastructure.

Most Read from Bloomberg

A government-convened panel, including Macquarie Group Ltd. Chief Executive Officer Shemara Wikramanayake, recommended that by 2050 the percentage of the nation’s working age population with tertiary education — such as bachelor degrees or job-related diplomas — should rise to at least 80% from the current level of 60%.

“We need to plan for the jobs of the future, and that means giving people the skills and knowledge that they need,” Prime Minister Anthony Albanese told Nine Network television Sunday.

Among the 47 proposed reforms is the panel’s recommendation that a Higher Education Future Fund be created to invest in infrastructure and student housing. The fund should include contributions from universities and the government with the aim of reaching A$10 billion in assets, according to a report published Sunday.

Improvements will support a higher eduction sector that had enrollments from more than 450,000 fee-paying international students in 2022, and counts as Australia’s fourth-largest export sector, the report said.

Read more: Universities Race to Recapture Lucrative International Students

Albanese’s government will study the panel’s findings, Education Minister Jason Clare said Sunday in a statement.

Most Read from Bloomberg Businessweek

©2024 Bloomberg L.P.