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Federal Budget delivers $5 billion to education, research and innovation

The education sector will receive $5.6 billion in funding over six years, according to the Federal Budget delivered by Treasurer Wayne Swan last night.

Swan noted the role of education in Australia’s recovery from recession: “Australia’s recovery depends heavily on our human capital, on our ability to educate our people, and innovation in business.”

With a particular focus on tertiary education, research and innovation, the funding includes $2.6 billion for priority infrastructure in tertiary institutions and research agencies, as well as money to assist schools in disadvantaged areas.

The funds will both increase the number of places available at public universities, and go towards improving the performance of teachers.

The government will also spend more than half a billion dollars on supporting university research, plus $36 million to improve tertiary research standards and $79 million to support postgraduates and researchers.

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