Russell Broadbent (McMillan, Liberal Party) Share this | Link to this | Hansard source

My question is addressed to the Minister for Education, Science and Training. Minister, how is Australia’s strong economy benefiting university graduates? What do recent reports say about the benefits of a university education and the fairness of the higher education system in Australia?

Ms Julie Bishop (Curtin, Liberal Party, Minister Assisting the Prime Minister for Women's Issues) Share this | Link to this | Hansard source

I thank the member for McMillan for his question and I note his interest in this matter. With such a buoyant job market and with unemployment at 4.6 per cent across the nation—I note that it is 4.2 per cent in the honourable member’s electorate—there has never been a better time for young people to gain a university qualification. Indeed, young people are taking that option in record numbers.

Let me put some facts on the table. Last year over 90 per cent of eligible year 12 students were offered a Commonwealth supported place at a university in their home state. There have been two recent independent reports about the fairness of the student contribution loan scheme—one from the University of Southampton in the United Kingdom and one from La Trobe University. Both reports show that Australia has one of the fairest student contribution loan schemes in the world. There are no up-front fees, 75 per cent of the cost of tuition in a Commonwealth supported place is borne by the taxpayer and repayment is income contingent.

The most recent Graduate Career Survey reports that graduates can expect a 100 per cent employment opportunity in a number of disciplines across a number of universities. That same report shows that some graduates’ starting salaries are in excess of $65,000. A second recent report, the Graduate Recruitment Survey, shows that across the board, for all university graduates, the median starting salary is $45,700.

Through the strong economic management of the coalition government, young people today have more choices and more opportunities. If young people are looking for a job, whether it is through an apprenticeship, a trade or a university qualification, there has never been a better time for them to invest in their education.