Australian research infrastructure fund axed

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 ¨C 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 ¨C 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 ¨C new classrooms and research buildings ¨C 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.

john.ross@ws-2000.com