Stephen Smith (Perth, Australian Labor Party, Shadow Minister for Education and Training) Share this | Link to this | Hansard source

My question is again to the Minister for Education, Science and Training. Isn’t it the case that the annual income stream of $300 million from the Higher Education Endowment Fund for each of Australia’s 38 universities would mean that each university would only receive, on average, an annual payment of $8 million? Given that important teaching and research infrastructure like the medical research centre at the ANU in Canberra cost $125 million, how can the government claim that this will make up for 10 years of neglect of our universities?

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 Perth for his question. He obviously does not understand that the endowment fund is on top of what the Australian government already provides universities for capital works and research facilities. Last year alone the Australian government provided over $240 million for capital and $460 million for research facilities. What the Treasurer announced last night is an endowment fund that will be invested, with the income from that endowment fund being distributed to universities on top of what we already fund. This is an unprecedented level of investment in Australian universities. The Australian Labor Party could only dream of such an initiative.