• Funding to a higher education initiative will grow to $20 billion by 2024 with the package creating an additional 30,000 university places.
• An additional $296 million will be provided for industry-focused PhDs and fellowships.
• Australia welcomed almost 30,000 international students under new economic incentives in the past few months.

The Federal Government has recognised the importance that universities and university research plays in Australia’s prosperity and economic recovery, with the recent announcement of an extra $1.6 billion in funding to advance research commercialisation.

An additional $296 million will also be provided for industry-focused PhDs and fellowships with the total package providing funding opportunities to researchers and innovators pursuing commercial viability and industry partnerships.

The move comes after the government last year announced funding to a higher education initiative will grow to $20 billion by 2024 with the package creating an additional 30,000 university places, and 50,000 new short course places while also providing more support for students in regional and remote Australia.

Known as the Job-ready Graduates package, the funding invests in higher education in areas of national priority so the country’s higher education system can deliver the best results for students, industry, and the community.

Part of the initiative is to reduce the cost of university degrees in areas of national priority such as allied health, computing, education, and engineering.

Meanwhile, the full-time employment rates among Aussie graduates of higher education institutions have increased slightly from 68.7% to 68.9%, according to a national survey.

And Australia has welcomed nearly 30,000 international students under new economic incentives in the past few months, however some international graduates have said they feel “unappreciated” and that more should be done to support their long-term prospects.

The arrivals come as the Federal Government lifted the 40-hour-a-fortnight work cap for student visa holders in January in a bid to fill the protracted skills shortages issue in the country.