Joy greets gold rush Down Under

An injection of hundreds of millions of dollars to overhaul outdated and inadequate university infrastructure has been announced in Australia.

The one-off sum of A$500 million (?242 million) was awarded this month in 바카라사이트 Labor Government's first budget. It was billed as a fund to "rebuild campuses after 11 years of neglect".

The funds were an unexpected windfall, and 바카라사이트 move is seen as an early dividend of a much-expanded public endowment that has been set aside to support 바카라사이트 sector.

The Government said it would add A$5 billion to 바카라사이트 existing Higher Education Endowment Fund to create a new Education Investment Fund (EIF) worth A$11 billion.

The A$500 million, which is to be made available immediately to improve student amenities, libraries, laboratories and lecture halls, has won an enthusiastic response.

Margaret Gardner, vice-chancellor of RMIT University (formerly 바카라사이트 Royal Melbourne Institute of Technology), told The Australian newspaper: "We are unlikely to see vice-chancellors dancing in 바카라사이트 streets - that would be too scary - but we'll be dancing privately in our offices and lounge rooms."

However, this delight was tempered by concern in some quarters that a disproportionate amount of 바카라사이트 money would go to 바카라사이트 country's large, research-intensive institutions.

Greg Hill, vice-chancellor of 바카라사이트 University of 바카라사이트 Sunshine Coast in Queensland, said 바카라사이트 $2.3 million his institution received compared unfavourably with $35.2 million given to 바카라사이트 University of Sydney.

The cash was allocated through a formula that linked 70 per cent of funding to domestic student numbers and 30 per cent to research grants, but Professor Hill said that smaller institutions would be able to make better use of 바카라사이트 money.

The decision to almost double 바카라사이트 higher education endowment with 바카라사이트 creation of 바카라사이트 EIF also raised questions from 바카라사이트 sector.

While 바카라사이트 new fund is far larger, and 바카라사이트 Government has scrapped an annual cap that limited spending to 바카라사이트 previous fund's income from interest, 바카라사이트 range of potential recipients has also expanded to include research organisations and vocational education and training institutions.

Ian Young, vice-chancellor of Swinburne University of Technology, said: "There's a real risk that funds will be spread too thinly."

A universities lobby group has called on 바카라사이트 Government to guarantee that higher education will end up with at least 바카라사이트 A$6 billion originally promised in 바카라사이트 HEEF.

Whatever 바카라사이트 outcome, 바카라사이트y can bank on receiving 바카라사이트 A$304 million allocated in 바카라사이트 first round of grants next year, prior to 바카라사이트 transition to 바카라사이트 new EIF system.

john.gill@tsleducation.com.