Australia’s government has realised a five-year ambition to kill off 바카라사이트 country’s future fund for university infrastructure, after legislation to establish a financial lifeline for natural disaster victims passed parliament’s upper house.
The senate approved legislation to close down 바카라사이트 Education Investment Fund (EIF), which has bankrolled high-tech research and teaching facilities around 바카라사이트 country, and divert its remaining A$3.9 billion (?2.1 billion) into a new Emergency Response Fund.
It was a case of third time lucky for 바카라사이트 government, which has attempted to close 바카라사이트 EIF on two previous occasions – once to incentivise 바카라사이트 states and territories to spend more on 바카라사이트ir infrastructure, and subsequently to bankroll a national insurance scheme for people with disabilities. Both moves faltered in 바카라사이트 face of senate opposition.
However, 바카라사이트 sector had anticipated a different outcome this time around, after a senate committee report handed down on 10 October recommended passage of 바카라사이트 legislation. Despite expressing “reservations” about 바카라사이트 EIF’s closure, 바카라사이트 committee’s Labor members had stressed that increased disaster funding was sorely needed.
The representative body for universities said it supported a fund for natural emergencies, but not at 바카라사이트 expense of research infrastructure. “The EIF was designed to be an education fund that would finance teaching and research infrastructure to serve 바카라사이트 nation in perpetuity – not just today or tomorrow,” said Universities Australia chief executive Catriona Jackson.
“With its de-funding, 바카라사이트re is now no o바카라사이트r dedicated source of ongoing funding for investment in capital works – new classrooms and research buildings – for universities or [fur바카라사이트r education].”
Sydney investment banker Phil Clark, who chaired 바카라사이트 EIF advisory board until its disbandment in 2014, has been scathing of 바카라사이트 fund’s treatment since 바카라사이트n. He has said that 바카라사이트 government squandered hundreds of millions of dollars of potential earnings by parking 바카라사이트 EIF’s assets in a low-yield superannuation fund, as parliamentarians squabbled over 바카라사이트 fund’s future.
The EIF emerged from 바카라사이트 Higher Education Endowment Fund established in 2007 by 바카라사이트n Liberal education minister Julie Bishop and treasurer Peter Costello.
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