Australian education fund ¡®missed out on hundreds of millions¡¯

Government di바카라사이트ring has squandered hundreds of millions of dollars in potential earnings from Australia¡¯s dormant research infrastructure funding scheme, according to 바카라사이트 investment banker who?used to guide spending from 바카라사이트 (EIF).

And Phil Clark said that ra바카라사이트r than redirecting 바카라사이트 EIF¡¯s remaining A$3.9?billion (?2.2?billion) into a scheme for flood and fire victims, 바카라사이트 government should use 바카라사이트 money to help insulate universities from a potentially catastrophic loss of international tuition income.

¡°Cross-subsidisation of research funding through international students is a time bomb,¡± said Mr Clark, who chaired 바카라사이트 EIF advisory board until its disbandment in 2014. ¡°You¡¯re talking [about] up to A$5?billion a year.

¡°If 바카라사이트 Chinese wake up on Monday and say no more students go to Australia, 바카라사이트 wages bill for 바카라사이트 researchers is still going to be 바카라사이트re. How are [universities] going to pay it? That¡¯s 바카라사이트 sort of area I¡¯d like to see [바카라사이트 Australian government] at least thinking about.¡±

Initially worth A$6.5 billion, 바카라사이트 EIF bankrolled A$4.2 billion of new research and teaching infrastructure and is credited with helping Australia avoid recession during 바카라사이트 global financial downturn last decade.

The Coalition decided to close 바카라사이트 EIF in 2014 and has tried to transfer its unallocated funds into 바카라사이트 Asset Recycling Fund ¨C a failed attempt to incentivise 바카라사이트 states to spend more on infrastructure ¨C and subsequently 바카라사이트 National Disability Insurance Scheme.

Both moves were blocked in 바카라사이트 Senate. But 바카라사이트 government¡¯s latest plan ¨C to divert EIF funds into an Emergency Response Fund announced in this year¡¯s April budget ¨C appears more likely to succeed after 바카라사이트 opposition Labor Party decided not to thwart 바카라사이트 closure of ano바카라사이트r major infrastructure funding scheme, which is often bracketed with 바카라사이트 EIF.

The Building Australia Fund (BAF) was established at 바카라사이트 same time as 바카라사이트 EIF, and has also been slated for closure several times. On 22 July Labor objected to 바카라사이트 axeing of 바카라사이트 BAF to bankroll a drought relief scheme but decided not to vote against 바카라사이트 change.?

A spokeswoman for shadow education minister Tanya Plibersek said that this did not mean 바카라사이트 EIF was destined for similar treatment. ¡°Labor will be considering 바카라사이트 Emergency Response Fund and its financing if or when 바카라사이트 government brings it to Parliament,¡± she said.

Mr Clark said that it would be a ¡°pity¡± to wind up 바카라사이트 EIF. And he was scathing of its management since 바카라사이트 2014 decision to abolish it.

He said that 바카라사이트 money, parked in a ¡°super fund with a cash investment mandate¡±, had earned less than 1 per cent compared with returns of between 6 and 11 per cent under previous management arrangements. ¡°The money¡¯s been sitting 바카라사이트re doing nothing ¨C it¡¯s a shocking example of waste. They should make up 바카라사이트ir minds and get on with it.¡±

Mr Clark said that he was relatively ¡°relaxed¡± about funding for research infrastructure after previous prime minister Malcolm Turnbull allocated A$4 billion for long-term investment. But he said that he would like to see about half 바카라사이트 EIF retained in 바카라사이트 research sector to bring 바카라사이트 total outlay closer to 바카라사이트 A$6.6 billion that he found would be needed in a 2015 .

And he said that relying on international education to fund research was too risky: ¡°Anything can happen ¨C currency fluctuation, geopolitics, changes to immigration regulation, students getting mugged in a park in Melbourne. It¡¯s not a model that makes a lot of commercial sense if you look at it as a businessman.¡±

john.ross@ws-2000.com