Budget overview
This Budget is the next stage in the Government's economic plan, building on commitments from the 2016-17 Budget and the 2016 election.
Valuing Higher Education
Fairness for students and universities
four year degree in 2018 will have
their total fees increased by $1,250
three year degree in 2018 will have
their total fees increased by $1,000
six year degree in 2018 will have
their total fees increased by $3,900
This Budget will deliver a fairer and more sustainable higher education system that is more responsive to the aspirations of students.
The Government is placing the higher education sector on a more sustainable footing, whilst maintaining affordability for students and providing a return on investment for both students and taxpayers.
The Government is rebalancing the shares of the cost of higher education. From 2018, students will contribute an additional 7.5 per cent, to be phased in over four years, which can still be met through the Higher Education Loan Program scheme, ensuring no student has to pay upfront.
This increased student contribution better reflects the lifetime benefits reaped by higher education graduates. The Government will remain the majority funder of higher education.
A new set of HELP repayment thresholds will also be introduced from 1 July 2018.
Universities will play their part, alongside students and taxpayers, in building a sustainable system by paying an efficiency dividend of 2.5 per cent in 2018 and 2019, which will be absorbed by universities and not passed on to students. Universities will also be subject to measures to ensure greater transparency and accountability.
The Government is creating six new community-owned regional study hubs, and expanding support for work experience units. These measures will help remove barriers to study for regional students and ensure that students are better supported to develop real work skills.
Reforms to strengthen the Higher Education Participation and Partnerships Program will ensure students from disadvantaged backgrounds have the support they need to participate in higher education.