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Media Release
A UNIVERSITY DEGREE PAYS BIG DIVIDENDS
(Embargoed until 11.00 p.m. Tuesday December 16, 2003)
16 December, 2003 MIN 567/03
Employment outcomes for higher education graduates in Australia continue to be robust, and starting salaries remain high, according to a new report released by the Graduate Careers Council.
The report, GradStats 2003, reveals that more than 92% of university graduates found employment within four months of graduating.
Starting salaries for bachelor degree graduates who found full time work remained at high levels in 2003. The median starting salary rate increased from $35,500 in 2002 to $37,000 in 2003.
At the time of the survey, 99.5% of pharmacy graduates were in full-time employment, with medicine 98%, initial nursing education 97.5%, and post-initial nursing education 97.1%.
At $55,000, dentistry graduates earned the highest median starting salary. Other top ranked fields in terms of starting salary, were optometry $50,000, medicine $47,000, engineering $40,000 and education $39,700.
Overall, employment outcomes remain strong for our new graduates. The latest Australian Bureau of Statistics (ABS) data shows that just 3.1% of people with Bachelor degrees were unemployed – half the rate for the labour force as a whole.
Graduates with a HECS debt will benefit from the decision to raise the HECS repayment threshold from $24,365 to $35,000 next year, announced as part of the Government’s $2.6 billion Higher Education reform package.
University students contribute about a quarter of the cost of university education, whilst the taxpayer picks up the remaining three quarters.
A university degree is a great investment.
The report is available online at: http://www.gradsonline.edu.au/2003gradfiles.htm
Media Contact:
Dr Nelson’s Office: Ross Hampton 0419 484 095
Dept of Education, Science & Training: Laila Lacis 0412 040 034
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