The Budget 2003 Releases
The press releases issued to coincide with the delivery of the Budget on 15 May 2003
Hon Steve Maharey
Associate Minister of Education (Tertiary Education)
Supporting the development of an innovative nation
A $490 million budget package fosters excellence by tertiary education providers.
For the first time proposed tertiary tuition subsidy rates for the next three years are being outlined, rather than only those for the following year. This gives tertiary education organisations greater long-term financial certainty. Other new investments support high quality research and the realisation of the Tertiary Education Strategy.
Associate Education (Tertiary Education) Minister Steve Maharey said with the tertiary education reforms now in place, the focus of the budget this year was on providing predictability so that the sector could get on with meeting the needs of learners, business and the community.
"$421.9 million [all figures over four years unless stated] will be invested to increase the Student Component of the tertiary funding system by 3 per cent in 2004. This compares with a projected CPI increase over the same period of 1.8 per cent.
"For the following two years, rates will be increased by the CPI. Further adjustments may be made following consideration of the recommendations of a review of funding categories.
"Funding for the Performance Based Research Fund is being phased in over the next five years. The budget allocates an additional $3.9 million for the 2004 academic year, rising to $10.3 million in 2006 which, combined with the funding allocated in Budget 2003, produces a real increase of $20 million a year in that year.
"$30 million supports the continuation of a contestable Innovation and Development Fund established in Budget 2003 for projects aligned with the Tertiary Education Strategy. This will allow us to maintain the momentum of improving capability and connectedness to the needs of business and the community.
"$150,000 has been allocated in 2004 for the preliminary phase of a review and strategic plan for the tertiary education workforce. This will enable consultation on the scope and process for the review," Steve Maharey said.
The package takes the government's total new investment in post-school education in Budget 2003 to more than half a billion dollars.
Other initiatives include: $85 million for industry training (announced on 1 May), a $56 million package to get all 15 to 19 year olds involved in education, training or work (announced on 9 May) and increased funding for adult literacy initiatives (announced by Associate Education Minister Marian Hobbs).
