News.,September 11, 2019 09:51:21A new national investment strategy could mean a return to a school budget surplus by 2020-21, according to an economic modelling study.
Key points:The research says the investment strategy is a key part of the country’s growth strategyBut it could also be a “game changer” if investment doesn’t come throughKey points The research says investment in Australia would lead to a budget surplusBy 2020-20, it estimates the investment will be $2.5 billionA report from the Australian Schooling and Research Council (ASRC) says the strategy would increase the average Australian student’s standard of living by $400 over the next decade.
The study is the latest to warn that the nation is “in an economic and education crisis”.
The report says a return on investment in the education sector will lead to “a real-world budget surplus” by 2020, but the report doesn’t recommend a specific date.
It says the best strategy is to focus on making investments now to “support a sustainable future”.
It’s not the first time that the ASRC has recommended a budget boost.
In 2017, it recommended a 10 per cent rise in Australia and New Zealand’s public and private school budgets over five years to bring them in line with OECD standards.
It also called for a $300 million investment in higher education, with the government investing $400 million over five decades.
But the ASrc said it was time to get serious about investing in education.
“The best way to do that is to invest now,” Professor David Fenton said.
But the report also warned that the return on investments in the sector could be a game-changer if the investments aren’t delivered.””
It’s the first step.”
But the report also warned that the return on investments in the sector could be a game-changer if the investments aren’t delivered.
“An investment in education that fails to produce results can be a ‘game changers’ opportunity,” Professor Fenton wrote.
“In other words, it could be an opportunity to deliver more for a greater proportion of the population.”
The ASRC report has been commissioned by the Australian Competition and Consumer Commission (ACCC), which is looking into the countrys education system.