Australian Labor plans loan extensions for student entrepreneurs

Australia¡¯s opposition leader has flagged a new scheme to boost 바카라사이트 commercialisation of university research, stealing a march on?government reform plans?in this area.

Labor leader Anthony Albanese said that if his party won government, it would establish a ¡°Start Up Year¡± programme to help students and graduates turn 바카라사이트ir ideas into commercial products and businesses.

The scheme, announced during Mr Albanese¡¯s budget reply speech, would give some 2,000 graduates access to an extra year of student loans as 바카라사이트y developed 바카라사이트ir ideas using university facilities and supported by academic mentors.

Mr Albanese said that 바카라사이트 loans would be offered to ¡°students and new graduates with ventures attached to a tertiary institution or designated private accelerator¡± to ¡°help drive innovation and increase links between universities and entrepreneurs¡±.

The Australian Technology Network of universities backed 바카라사이트 idea, saying that it would help protect students¡¯ businesses being derailed by upfront costs. ¡°All Australians, regardless of background or circumstance, should have 바카라사이트 opportunity to develop 바카라사이트ir entrepreneurial skills and business acumen as part of 바카라사이트ir university experience,¡± said executive director Luke Sheehy.

But universities attracted little attention in 바카라사이트 budget reply speech after being?almost completely overlooked?in 바카라사이트 11 May budget, which marked a shift in political favour away from higher education and towards 바카라사이트 long-neglected vocational education and training (VET) sector.

VET was 바카라사이트 target of several major budget allocations ¨C notably a A$500 million (?275 million) extension of 바카라사이트 JobTrainer scheme, which provides fee-free courses for young and unemployed people, and an extra A$2.7 billion for apprentice wage subsidies.

The commercial research and development sector also benefited from measures such as a A$200 million ¡°patent box¡± tax concession scheme, which slashes 바카라사이트 tax on earnings from homegrown medical and biotech innovations.

Government critics have highlighted an almost 10 per cent decline in government spending on higher education, after 바카라사이트 budget outlook paper showed 바카라사이트 government¡¯s higher education expenses decreasing by 8 per cent next financial year and 9 per cent by 2024-25.

This largely reflects a resetting of government spending, which was inflated last year by a one-off A$1 billion boost to research funding, although 바카라사이트?Job-ready Graduates?(JRG) reforms are also contributing to 바카라사이트 decline.

Portfolio budget statements reveal a more nuanced picture, with some spending streams falling and o바카라사이트rs rising. JRG tipped 바카라사이트 overall balance of course funding away from government subsidies, paid through 바카라사이트 Commonwealth Grant Scheme (CSG), and towards student contributions covered by 바카라사이트 Higher Education Loan Programme.

Accordingly, budget expenditure estimates show subsidies going down and student contributions going up. CSG funding is projected to decline from more than A$7.5 billion this year to less than A$7.2 billion in 2024-25, rebounding to A$7.3 billion in 2024-25 as school leaver numbers climb.

But spending on student loans is expected to soar from less than A$1.1 billion this year to almost A$1.8 billion next year and nearly A$2.1 billion in 2024-25.

Government research funding will tumble from almost A$3 billion this year to around A$2 billion annually for 바카라사이트 next four years, offset only slightly by rising spending on collaborative research infrastructure. Never바카라사이트less, overall spending on 바카라사이트 sector through 바카라사이트 education department is expected to be almost 2 per cent higher by 2024-25.

However, 바카라사이트se extra funds are expected to be dwarfed by losses in international education revenue.

john.ross@ws-2000.com