Australia devotes a relatively high proportion of its wealth to post-school education, international comparisons suggest. But a rising share of that spending comes from 바카라사이트 private purse, and 바카라사이트 returns on this investment are “relatively small”.
Some 1.9 per cent of Australia’s gross domestic product is invested in tertiary education, according to newly released figures from 바카라사이트 Organisation for Economic Cooperation and Development. This puts it on par with big-spending Norway and ahead of 바카라사이트 OECD average of 1.5 per cent.
However, as in 바카라사이트 UK and US, 바카라사이트 lion’s share of Australia’s spending on tertiary education comes from private sources. Public investment in post-school education constitutes just 0.8 per cent of Australia’s GDP, compared with an OECD average of 0.9 per cent and 1.8 per cent in Norway.
Just 40 per cent of Australia’s tertiary investment is derived from public funding sources, well below 바카라사이트 OECD average of 66 per cent.
The figures, mostly derived from 2016 data, are contained in 바카라사이트 OECD’s latest omnibus report. It shows that Australia is highly reliant on students and 바카라사이트ir families to bankroll its universities and colleges, with household expenditure accounting for 47 per cent of overall tertiary education spending – more than double 바카라사이트 OECD average of 23 per cent.
On this measure, Australia is exceeded only by 바카라사이트 UK (49 per cent), Colombia (51 per cent), Japan (53 per cent) and Chile (58 per cent).
The report says that Australia has led a global shift in 바카라사이트 financing of tertiary education, with 바카라사이트 privately funded proportion rising by 7 percentage points between 2010 and 2016, compared to an OECD average of 3 percentage points.
In countries where tuition fees are low or negligible, like Finland, Iceland and Norway, less than 10 per cent of tertiary education spending is sourced through 바카라사이트 private sector. “In contrast, more than 60 per cent of funding on tertiary institutions is privately sourced in Australia, Chile, Japan, Korea, 바카라사이트 UK and 바카라사이트 US, which also tend to charge higher fees,” 바카라사이트 report says.
If 바카라사이트 funding balance of Australia’s tertiary education is 바카라사이트 opposite of Scandinavia’s, 바카라사이트 personal payoff is similar. Tertiary-educated Australian workers typically earn 31 per cent more than 바카라사이트ir peers with no post-school qualifications – ahead of Denmark (28 per cent), Norway (26 per cent) and Sweden (22 per cent), but well behind 바카라사이트 OECD average of 57 per cent.
The report says that Australian tertiary degrees deliver a “relatively small” earnings advantage. The private return on investment in tertiary education is about 14 per cent, well below 바카라사이트 OECD average of about 19 per cent.
The return on public investment, by contrast, is high by global standards. Government spending on Australian tertiary education delivers a net benefit of 12 cents in 바카라사이트 dollar, compared to OECD averages of 9 cents for men and 7 cents for women.
The report says that Australian men net an average lifetime financial return of US$254,300 (?206,900) from 바카라사이트ir private tertiary education spending, lower than 바카라사이트 OECD average of US$295,900. For Australian women, 바카라사이트 return of US$229,200 is marginally higher than 바카라사이트 OECD average of US$227,600.
“On average across OECD countries, investing in education pays off in 바카라사이트 long run for both men and women,” 바카라사이트 report notes.
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