May 15, 2013

Understand the impacts for education from the Federal Budget

Our panel of economists break down the impacts of the 2013 Federal Budget for education headlined by the increase in school funding as well as increased funding for early childhood development. Find out what all the key initiatives are.

As expected, changes in the education sector were headlined by the increase in school funding under the National Plan for School Improvement.  The Government also increased funding for early childhood development as well as their support to boost the number of Commonwealth supported university places.

Recognising the importance of research and development to support continued economic growth, additional funding has also been provided to programs supporting Australia’s research effort.

While there’s a net increase in resources going to education, there were significant savings measures, including from the university sector and the ending of some school programs.

Key initiatives:

  • The budget commits $9.8 billion over six years to fund the Gonski education reforms.
  • $1.1 billion investment in early childhood education – including an Early Years Quality Fund and continuation of the Early Childhood Education National partnership funding through to end 2014.
  • $97 million over five years to increase the number of Commonwealth-supported university places, an additional $186 million for research infrastructure and $135 million over five years to continue the Future Fellowships scheme aimed at attracting Australian and international researchers.
  • Cuts to university funding and shifting of the funding burden to university students through a range of measures including a 2% efficiency dividend, removal of discounts for up-front and voluntary payments made under the Higher Education Loan Program and conversion of student start-up scholarships to income contingent loans.
  • An end to various school programs such as the national partnerships on Low Socio-Economic Status School Communities ($259 million), Empowering Local Schools ($412 million), Literacy and Numeracy Funding ($567 million), and Rewards for Great Teachers ($665 million).
  • As previously announced, the Government will cap work-related self-education expense deductions at $2,000 from July 2014, saving the Federal Budget $514.3 million over the forward estimates period.

For further analysis download the fact sheet.

Our team of leading economists, tax and superannuation experts will continue to unpack the Federal Budget 2013 to help you understand what it means. Visit all the latest articles, fact sheets and video commentary – 2013 Federal Budget – Business Research and Insights.

Ana Marinkovic – Making the most of holiday trading

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Ana Marinkovic – Making the most of holiday trading