CANBERRA – Australia will study proposals aimed at increasing the number of adults with university or vocational qualifications, including creating an A$10 billion (S$8.8 billion) fund for education infrastructure. 

A government-convened panel, including Macquarie Group chief executive Shemara Wikramanayake, recommended that by 2050 the percentage of the nation’s working-age population with tertiary education – such as bachelor degrees or job-related diplomas – should rise to at least 80 per cent from the current level of 60 per cent.

“We need to plan for the jobs of the future, and that means giving people the skills and knowledge that they need,” Prime Minister Anthony Albanese told Nine Network television on Feb 25. 

Among the 47 proposed reforms is the panel’s recommendation that a Higher Education Future Fund be created to invest in infrastructure and student housing. The fund should include contributions from universities and the government with the aim of reaching A$10 billion in assets, according to a report published on Feb 25.

Improvements will support a higher eduction sector that had enrolments from more than 450,000 fee-paying international students in 2022, and counts as Australia’s fourth-largest export sector, the report said.   

Mr Albanese’s government will study the panel’s findings, Education Minister Jason Clare said on Feb 25 in a statement. BLOOMBERG