The NSW Government will guarantee up to $750 million in commercial loans to help universities recover from the impact of COVID-19.
Minister for Skills and Tertiary Education Geoff Lee and Treasurer Dominic Perrottet said the Loan Guarantee scheme would help bridge the gap between the Commonwealth Government’s Higher Education Relief Package and what NSW universities need to recover.
“NSW has a world-class higher education system, with about 301,000 domestic and 121,000 international university students,” Mr Lee said.
“Universities play a key role in the economic strength and productivity of our State, supporting jobs and delivering skilled graduates, research and innovation. Healthy universities will be essential for NSW to recover from COVID-19.
"About 30 per cent of Australia’s international university students attend one of our 10 public universities.
“Current international travel restrictions have seen a significant decrease in international student enrolments in Semester 1, and it is expected this will decline further in the coming months.
“We are committed to maintaining the State’s record as a leading global study destination. This scheme builds on our $20 million package providing temporary crisis accommodation for stranded international students, and our extension of payroll tax deferrals to universities worth approximately $100 million.”
Mr Perrottet said universities applying for loan guarantees will be asked to show how they intend to restructure their operations to make them more sustainable.
“Our State’s public universities directly employ over 15,200 academic staff and more than 18,700 professional staff, including full-time equivalent casual staff, and they support thousands of indirect jobs. It is critical we position our universities for a dynamic recovery from the impacts of COVID-19,” Mr Perrottet said.
“This is about getting people back to work and providing a helping hand to get the university sector back up and running while helping future proof these vital institutions, making them more resilient and enabling them to come out the other side of this pandemic stronger than ever.
“The Government will work with the sector on building a more sustainable international student market. We want to help universities identify new partnerships that create jobs and stimulate economic growth, and collaborate in research priorities through the Waratah Research Network.”
Universities can also apply for funding from the $25 million package for medical research and vaccine trials to help develop a cure for COVID-19 and $11 million COVID research translation fund.
For more information on the NSW Government’s COVID-19 stimulus measures, please visit nsw.gov.au/covid-19.
Minister for Skills and Tertiary Education Geoff Lee and Treasurer Dominic Perrottet said the Loan Guarantee scheme would help bridge the gap between the Commonwealth Government’s Higher Education Relief Package and what NSW universities need to recover.
“NSW has a world-class higher education system, with about 301,000 domestic and 121,000 international university students,” Mr Lee said.
“Universities play a key role in the economic strength and productivity of our State, supporting jobs and delivering skilled graduates, research and innovation. Healthy universities will be essential for NSW to recover from COVID-19.
"About 30 per cent of Australia’s international university students attend one of our 10 public universities.
“Current international travel restrictions have seen a significant decrease in international student enrolments in Semester 1, and it is expected this will decline further in the coming months.
“We are committed to maintaining the State’s record as a leading global study destination. This scheme builds on our $20 million package providing temporary crisis accommodation for stranded international students, and our extension of payroll tax deferrals to universities worth approximately $100 million.”
Mr Perrottet said universities applying for loan guarantees will be asked to show how they intend to restructure their operations to make them more sustainable.
“Our State’s public universities directly employ over 15,200 academic staff and more than 18,700 professional staff, including full-time equivalent casual staff, and they support thousands of indirect jobs. It is critical we position our universities for a dynamic recovery from the impacts of COVID-19,” Mr Perrottet said.
“This is about getting people back to work and providing a helping hand to get the university sector back up and running while helping future proof these vital institutions, making them more resilient and enabling them to come out the other side of this pandemic stronger than ever.
“The Government will work with the sector on building a more sustainable international student market. We want to help universities identify new partnerships that create jobs and stimulate economic growth, and collaborate in research priorities through the Waratah Research Network.”
Universities can also apply for funding from the $25 million package for medical research and vaccine trials to help develop a cure for COVID-19 and $11 million COVID research translation fund.
For more information on the NSW Government’s COVID-19 stimulus measures, please visit nsw.gov.au/covid-19.