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Media Release
Higher Education Endowment Fund – Further $1 billion Investment
21 August 2007
The Australian Government has today announced a further $1 billion investment in the centrepiece of this year’s Budget, the Higher Education Endowment Fund. This brings to
$6 billion the initial investment in this unprecedented, perpetual growth fund for our universities.
Last week I introduced into the Parliament the Higher Education Endowment Fund Bill 2007 and the Higher Education Endowment Fund (Consequential Amendments) Bill 2007 to give effect to the Australian Government’s Budget initiative.
This significant investment in our higher education sector more than doubles all the existing financial investments and endowments currently held in the university sector.
The Higher Education Endowment Fund will promote excellence, quality and specialisation in Australian universities for years to come and will fund strategic and long term investments.
This investment has been made possible through the Government’s strong economic and Budgetary management which has enabled the Government to pay off Labor’s $96 billion debt and build for the future.
This announcement builds on the significant investment of $8.8 billion the Australian Government is investing in our universities this financial year alone – an increase of 31 per cent in real terms since 1995-96.
Media Contacts:
Minister Bishop’s Office: Murray Hansen 0417 886 155
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