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Media Release
UNIVERSITY DEGREE IS A VERY GOOD INVESTMENT
16 June, 2004 MIN 744/04
Australia’s investment in higher education has been strongly supported by new statistics which highlight the economic and social value of a tertiary qualification.
The Australian Bureau of Statistics, through its latest Australian Social Trends report, has confirmed that having a higher education results in significant private benefits for graduates.
The research has shown that full-time workers aged 20-64 with higher education qualifications earn almost 50% more than those without a degree and have lower unemployment rates. Also, in May 2003, the unemployment rate for people without higher education qualifications was 6%, whilst for those with such qualifications, the unemployment rate was 3%.
The higher education reform package, Our Universities: Backing Australia’s Future, reflects the Australian Government’s commitment to ensure that more students have access to the benefits of a higher education.
The reforms will give universities access to the funding they need to deliver world-class higher education. Laying the foundation for this will be an increase in public investment in the sector of around $2.6 billion over the next five years. Over the next ten years, the Australian Government will provide some $11 billion in new support for higher education.
Under the reforms, students will have more opportunities to invest in their higher education and the Australian Government will be supporting their choices through the availability of income contingent loans that they start repaying when their income exceeds the minimum repayment threshold.
Media Contacts:
Dr Nelson’s Office: Ross Hampton 0419 484 095
Dept of Education, Science & Training: Virginia Cook 0412 971 323
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