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(Bloomberg) — Australia will consider proposals aimed at increasing the number of adults with university and vocational qualifications, including creating an A$10 billion ($6.6 billion) fund for education infrastructure.
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A government-convened committee, including Macquarie Group chief executive Shemara Wickramanayake, said the country’s working-age population should have at least 80% of its tertiary education (including bachelor’s degrees and work-related qualifications) share of the population by 2050. It was recommended that this should be increased. from the current 60% level.
“We need to plan for the future of work, and that means giving people the skills and knowledge they need,” Prime Minister Anthony Albanese told Nine Network TV on Sunday.
Among the 47 proposed reforms is the commission’s recommendation to create a Higher Education Future Fund to invest in infrastructure and student housing. The fund, which will include contributions from universities and governments, aims to reach A$10 billion in assets, according to a report released on Sunday.
The improvements will support the higher education sector, which will enroll more than 450,000 paying international students in 2022 and ranks as Australia’s fourth largest export sector, the report said.
Read more: Universities race to bring back lucrative international students
The Albanon government will study the panel’s findings, Education Minister Jason Clare said in a statement on Sunday.
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