CUT UNIVERSITY FEES - REVIEW; NAVY SHAKE-UP
Review urges radical funding, fees shakeup for universities
A high-level review of Australia’s university sector has recommended a sharp lift in the number of graduates to meet the future demands of the national economy. The final report of the Australian Universities Accord recommends that at least 80 per cent of the workforce (presently 60 per cent) would need a university qualification or vocational educational training by 2050. Commissioned by the Federal Government, the report has urged sweeping changes to university funding models and to student fee regimes. It has recommended the establishment of a Higher Education Future Fund, managed by the Federal Government’s Future Fund, financed by co-contributions from public universities and government, and with the aim of reaching $10 billion in assets.
New frigates, uncrewed vessels head $11 billion Navy upgrade
Australia’s naval firepower will receive an $11 billion boost, with the Federal Government announcing a major upgrade of the surface combatant fleet. In a response to commissioned analysis of the Defence Strategic Review, the Navy’s major surface fleet will comprise 11 new general-purpose frigates and six new Large Optionally Crewed Surface Vessels (LOSVs). The additional vessels will complement the three Hobart class air warfare destroyers and six Hunter class frigates. While the new general purpose frigates will provide maritime and land strike, air defence and escort capabilities, the LOSVs will significantly increase the Navy’s long-strange strike capacity. Defence Minister Richard Marles said an additional $1.7 billion would be provided over the four-year forward estimates and $11.1 billion over the next decade, for a total fleet investment of $54 billion.
Dump Job-Ready Graduate student fee scheme, says Accord
In a bid to lift graduate numbers, the Australian Universities Accord review has recommended significant relaxation of student fee models, including the replacement of the Job-Ready Graduate package. The review said the purpose of the JRG package in providing price signals to influence student choices had failed. Introduced in 2020, the Job-Ready Graduate legislation provided four funding clusters, ranging from higher-fee disciplines of law, accounting, commerce and communications, to reduced fees for medicine, agriculture and veterinary science. But the Accord review said that only 1.5 per cent of students had applied to enrol in courses for which they would not have applied under the pre-JRG student contribution arrangements. Citing the higher fee impacts on humanities students, the review said student contributions should be based on projected potential lifetime earnings.
President Biden wipes another US$1.2 billion in student debt
Meanwhile, US President Joe Biden has announced the approval of US$1.2 billion (A$1.82 billion) in student debt cancellation for almost 153,000 borrowers in the US. The latest debt cancellation applies to borrowers enrolled in the Saving on a Valuable Education (SAVE) plan, that provides debt forgiveness to borrowers who had been in repayment after as little as 10 years and took out US$12,000 (A$18,180) or less in student loans. Additional debt relief is available (on a US$1000 per extra year basis) for borrowers who took out higher loans for a longer period. The White House said the Biden-Harris administration had in total approved almost US$138 billion (A$209 billion) in total student debt cancellation for almost 3.9 million borrowers.
Low unemployment militates against ADF recruitment
Australia’s Defence Force is about seven per cent or 4,300 people below its authorised strength, at a time of low unemployment in the general workforce, according to the Chief of the ADF, General Angus Campbell. Appearing before the latest round of Senate Estimates hearings, Gen. Campbell said recruiting performance was highly correlated with unemployment levels, and inflow rates remained below the level required to maintain the current force. He said the ADF had moved to improve recruitment, including by widening the aperture of eligibility to increase the number of potential applicants, by improving recruiting processes, and by offering targeted retention initiatives. Gen. Campbell said there had been some early encouraging results, with a decline in separation rates and this year one of the largest intake of trainee officers to the Australian Defence Force Academy.
Federal Government on track for full term, says PM
Prime Minister Anthony Albanese has strongly hinted that his government will run full term to May 2025, following a Federal Budget to be handed down in March next year. In a radio interview, the PM said the Government expected to bring forward its budget by two months, similar to the run-up to federal elections held during May in 2019 and in 2022. Mr Albanese said that three-year terms for federal governments were too short, but the move to a “common sense” four-year term – the usual practice in the states and territories – had been defeated twice at previous referenda.