Universities get a $750 million lifeline
Up to $750 million in commercial loans will help universities recover from the impact of COVID-19 and become more sustainable.
The NSW Government's Loan Guarantee scheme will bridge the gap between the Australian Government’s Higher Education Relief Package and what NSW universities need to recover from the impact of COVID-19.
Universities play a key role in the strengthening the economy, supporting jobs and delivering skilled graduates, research and innovation.
Public universities in NSW directly employ more than 15,200 academic staff and 18,700 professional staff.
About 30% of Australia’s international university students attend one of the 10 public universities.
There was a significant decrease in international student enrolments in Semester 1 due to international travel restrictions. Enrolment numbers will continue to decline in Semester 2.
Treasurer Dominic Perrottet said the NSW Government is working 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.”
The NSW Government's $750 million Loan Guarantee scheme builds on the:
- package for medical research and vaccine trials to help develop a cure for COVID-19 ($25 million)
- COVID research translation fund ($11 million)
- package providing temporary crisis accommodation for stranded international students ( $20 million)
- extension of payroll tax deferrals to universities ($100 million).