Joint Media Release with The Hon Wayne Swan MP, Treasurer
Royal Melbourne Institute of Technology (RMIT) University will receive $14.4 million from the Better Universities Renewal Fund before the end of June this year.
Institutions such as RMIT will also benefit from the Rudd Government’s new $11 billion Education Investment Fund which will deliver much needed resources to higher education and vocational education and training institutions.
The Treasurer and the Deputy Prime Minister today met with the Vice-Chancellor of the RMIT University, Margaret Gardner to discuss the Rudd Government’s plan to build a modern, productive Australian economy to meet the challenges of the future.
RMIT is a distinctive multi-sector institution with both higher education and TAFE arms.
In the recent Budget, the Rudd Government delivered an additional $500 million to universities to help them rebuild their campus infrastructure after more than 11 years of neglect under the previous Liberal Government.
Allocations from the BURF were determined using a 70 per cent domestic student load, 30 per cent research load metric. This is a fair distribution reflecting the core functions of our universities – teaching, learning and research.
The funding will provide support for high quality education, student amenities such as child care facilities and boost Australia’s research capacity.
Funds will be delivered to all universities but institutions with large numbers of students will especially benefit from the one off boost to help renew Australia’s university campuses.
The Rudd Government’s $11 billion EIF will transform Australia’s higher education and vocational education and training institutions over the next decade.
The key priorities of the EIF will be capital expenditure and renewal and refurbishment in universities and vocational institutions as well as in research facilities and major research institutions.
Unlike the HEEF, which allowed only for the interest earned to be spent, there will be no cap on yearly allocations from the EIF. Annual levels of investment will take into account the sectors’ needs and overall macroeconomic conditions. Decisions about annual disbursements from the EIF will occur through the annual appropriation process, which will ensure transparency and allow parliamentary scrutiny.