Posted October 08, 2018 06:03:03The Australian Government has confirmed it will provide $US6 billion ($7.3 billion) in concessional loans for Australian university students and other institutions.
The loans will be announced as part of a $US2 billion ($2.8 billion) package for Australia’s tertiary education sector.
The Government says the $US600 million in concessions will be used to help students, graduates and the wider community to make better use of their education dollars.
The announcement comes as President Trump pushes for $US70 billion in infrastructure spending for his country, including the construction of a new rail link from the US-Canada border to Australia.
Mr Trump also announced he would direct the Department of the Treasury to begin work on a new tax on international trade.
But the Australian Government says its funding will be spent on the needs of Australian students and the broader Australian community.
It will also support $US30 billion of debt relief to universities.
The Government’s funding announcement comes ahead of the commencement of the National University of Singapore’s $US40 billion ($42 billion) $US80 billion ($84 billion) construction project, the biggest project of its kind in the world.
“Australia’s tertyrity students are one of the fastest growing student populations in the country, but these loans will give them a financial lifeline to make the most of their future, and give them the chance to continue to advance their studies,” Education Minister Scott Morrison said.
“The Government has a strong track record of providing concessional funding to tertyrty institutions, including our most recent concessional support of $US50 million for the University of New South Wales in 2018.”
The Government also announced the formation of the Australia-Singapore Business Council, with the aim of encouraging business leaders from both countries to work together in the future.
“As we invest in the nation’s tertysail and engineering sector, we will be able to continue working with the Chinese and Australian companies that are investing here, to create jobs, and create opportunities,” Education Secretary Simon Birmingham said.
Australia is one of three countries to provide concessional assistance to tertiary institutions.
The United States and the United Kingdom are the others.
“While we continue to work with our international partners to support them in their pursuit of global growth, we also recognize that the most important and pressing challenges facing Australia lie in the fields of higher education and science,” Mr Birmingham said in a statement.
“As a nation, we cannot afford to miss out on opportunities for Australians to continue their research, develop their knowledge and advance their careers.”
We know the potential to create a stronger and more prosperous future for our children and grandchildren.