Funding to strengthen universities as reforms roll out
The Albanese Government is investing $50 million in ten universities to help them deliver for their students and communities as we roll out reforms to get more Australians to uni. The Government announced the $50 million Structural Adjustment Fund in the 2024-25 Mid-Year Economic and Fiscal Outlook in recognition of the financial pressure some universities face under the current funding model.
It will help these universities implement priority initiatives as they transition to the new Managed Growth Funding and Needs-based Funding System. The funding is going to universities recommended by the Australian Tertiary Education Commission (ATEC) following a competitive application process. The universities’ proposals for this funding include more support for disadvantaged and regional students, pathways to make it easier to move between uni and TAFE, degree apprenticeships where students complete their degrees on the job, and technology investments.
The funding allocations are: • James Cook University - $7.5 million • University of Southern Queensland - $6.5 million • University of Canberra - $5 million • University of Tasmania - $5 million • University of the Sunshine Coast - $5 million • University of New England - $5 million • Australian Catholic University - $4 million • Central Queensland University - $4 million • La Trobe University - $4 million • Federation University - $4 million The Albanese Government has legislation before the Senate to establish Managed Growth Funding and Needs-based Funding.
It will mean an extra $3.6 billion funding for universities over the next decade and is expected to support an additional 230,000 university commencements over that time. Under the new system, ATEC will allocate fully funded Commonwealth Supported Places and can add places to meet demand from students from disadvantaged backgrounds and regional and remote communities.
Universities will also receive more funding as they enrol more students from disadvantaged backgrounds and from regional communities. Quotes attributable to Minister for Education Jason Clare: “Universities create opportunity for Australians and build the skilled workforce we need. “This funding will help universities, a lot of them in the regions, to keep delivering for their students and communities as we roll out our reforms to get more Australians to uni.”