Budget 2008 : University tech injection

Universities will recieve $5 billion to establish an Education Investment Fund to double money available for capital investment.
 
$500 million for capital projects in 2008-09, Abolition of full-fee paying domestic places, $562.2 million to subsidise maths and science places.

UNIVERSITIES will get an immediate injection of $500 million to upgrade computers, laboratories and libraries.

New capital works funding, including $5 billion towards a new Education Investment Fund, was the only surprise for tertiary institutions.

University research has received money promised during the election. However, the sector will have to await the outcome of two government reviews for broader financial relief.

The Government will spend $209 million over four years to double the number of post-graduate research scholarships (PhD or masters) to 9600 by the year 2012.

It said this would give 25 per cent of new research students access to income support.

As promised, the Government will also spend $326.2 million over four years to give 1000 mid-career researchers Future Fellowship grants valued at up to $140,000 a year.

Their host institution will get $50,000 a year to support their work.

The Government also fulfilled its pledge to abolish full-fee undergraduate places at a cost of $247 million, creating an extra 11,000 Commonwealth supported places from 2009.

``This will ensure students gain access to higher education on merit and not on their ability to pay,'' the Budget's Education Revolution paper says.

The Education Investment Fund is one of three ``nation-building funds'' announced by the Government yesterday.

It will absorb the $6 billion Higher Education Endowment Fund introduced by the former government last year and will take the money invested for capital works in tertiary institutions - and also TAFEs and research facilities - to $11 billion.

The $500 million for infrastructure works this year will go towards information and communications technology, research labs, study areas and teaching spaces to ``support improved teaching and learning, research and students' overall higher education experience''.

Published: 14 May 2008