Universities are important to our economy

„We congratulate the government on its economic management in a challenging environment and welcome its intention to invest in the foundations of future growth,” Universities Australia chief executive Catriona Jackson said.

„Unis are key economic and productivity drivers. They deliver a high and sustainable standard of living for all Australians through the vital work they do on behalf of the country.

“Australia’s economy is $185 billion stronger because of the university-educated workforce and our companies carrying out the R&D that drives our social, technological and economic progress.

“For every dollar invested in university research, $5 is returned to the economy.

„A one per cent increase in investment in R&D could boost productivity and increase the size of Australia’s economy by $24 billion over 10 years.

„Government investment in research has fallen to its lowest level, which is inadequate for Australia’s position.

„There is a growing need for highly skilled workers and R&D to help Australia meet current and emerging challenges. We need more of what universities have to offer, not less.

„Government should invest actively in institutions that promote productivity and grow the economy in ways that pay for themselves. Our universities are doing this.”

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