Minister for Education Dan Tehan today invited university Vice-Chancellors to work with the Government to design a $900 million industry linkage fund that will support universities and industry working together, with a strong focus on investing in science, technology, engineering and mathematics (STEM).
The National Priorities and Industry Linkage Fund will have a strong focus on developing internships and practicums between universities and industries in science, technology, engineering and mathematics.
Mr Tehan has called for nominations to sit on a panel to design how the fund will operate, including the development of performance-based metrics, such as:
- Increasing the number of internships and practicums;
- Increasing the number of STEM graduates and improving their employment outcomes; and
- Rewarding formal research partnerships with industries and advanced apprenticeships.
"Our Government has re-aligned the cost to students and the taxpayer of teaching a degree with the revenue a university receives to teach that degree, based on data provided by the sector," Mr Tehan said.
"To ensure that more money will go into science and math courses we will establish the $900 million Industry Linkage Fund, which places a strong focus on encouraging universities to partner with STEM industries. We have also guaranteed the base funding for every university through the creation of a $705 million transition fund from 2021 to 2023.
"Our Government is creating an additional 100,000 university places over the next decade and we want to work with universities and industry to ensure that domestic students get the skills and experience to become job-ready graduates.
"I invite all Vice-Chancellors with an interest in the design of this fund to send an expression of interest to the Secretary of the Department of Education, Skills and Employment."