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Federal Budget boost for universities

21 May 2008

Vice-Chancellor Professor Richard Larkins.

Vice-Chancellor Professor Richard Larkins said the Rudd Government honoured a number of election commitments in its first budget.

Monash will receive a one-off payment of A$29.6 million from a pool of A$500 million in this financial year for improvements to campus infrastructure.

This immediate funding boost, announced as part of the 2008-2009 Federal Budget, will be directed towards five identified priority areas: laboratories, teaching facilities, libraries, student amenities and ICT facilities.

Last week's Federal Budget contained several initiatives for the higher education sector and Australian universities.

The Federal Government also announced a new Education Investment fund of A$5 billion which will also incorporate the existing A$6 billion Higher Education Endowment fund.

This fund will be available to universities as well as Vocational Education and Training (TAFE) institutions and research institutes.

It is intended that this fund be supplemented by future budget surpluses.

Monash University Vice-Chancellor Professor Richard Larkins said the Rudd Government had honoured a number of election commitments in the budget.

"Commonwealth scholarships for undergraduates will be doubled over the next four years and fees for new students commencing maths and science will be cut," Professor Larkins said.

"Commitments to fund 1000 Future Fellowships for mid-career researchers and to double the number of Australian Postgraduate Awards were also honoured."

However, Professor Larkins said there were a number of areas of importance overlooked in the budget.

"As expected, there was no increase in funding per student for Commonwealth Supported Places and no full-funding of research," Professor Larkins said.

"These are hoped for as outcomes of the Higher Education and the Innovation Reviews.

"The proposed replacement of full-fee domestic undergraduate places by Commonwealth Supported Places will not compensate for the loss of income from these places. If this is confirmed it will provide an additional financial challenge for the University.

"There was also no attention paid to replacing compulsory amenities fees (VSU Legislation) and no additional income support for economically disadvantaged students."