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Reforms in Australian Education Reforms

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Holmes Institute Sydney

   

HI5003 Economics for Business (HI5003)

   

Added on  2020-02-24

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HI5003 - Economics for Business Report, the Australian government has increased interest in driving this economy to excellence through the development of the education system. The education system has currently been developed to meet a higher standard of quality. The tertiary education level defines the professional that students choose to hold in their future. Higher education level increases knowledge in specific fields and thus raises labor productivity. Funding for the Australian public school is one of the reforms that have been welcomed by many parents while it has been criticized by others. This makes public schools more affordable as they are funded according to their needs.

Reforms in Australian Education Reforms

   

Holmes Institute Sydney

   

HI5003 Economics for Business (HI5003)

   Added on 2020-02-24

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Running Head: Education ReformsReforms in Australian EducationStudent NameInstitutional AffiliationCourse/NumberInstructor NameDue Date
Reforms in Australian Education Reforms_1
Education Reforms2Reforms in Australian EducationIntroductionAustralian government has an increased interest in driving this economy to excellence through the development of the education system. The education system has currently been developed to meet a higher standard quality. The tertiary education level defines the profession in which students choose to hold in their future. Higher education level increases the knowledge on specific fields and thus raises the labor productivity (Harrington, 2017). Funding for the Australian public school is one of the reforms that have been welcomed by many parents while ithas been criticized by others. This makes public schools more affordable as they are funded according to their needs (Balogh, 2017). The reform on the funding of higher education has raised many issues from parents, students, politicians and the policy makers. The government announced a cut in the higher education funding. This is explained in thearticle “Universities and students lose out in ‘reform’ package” issues in May 2017 by Angel Calderon. The students lack the information of why the government could implement such a reform. This report will help create an awareness of the reason behind the policy makers implementing such a policy. The view made will be followed by certain recommendations that may be useful to the policy makers. It will be noted in this paper that the decision has been faced with resistance and thus not clear whether the legislation will be passed.Article AnalysisThe reform package announced by the Australian government in May 2017 was to convince universities to welcome the decision of reduction in funding which was projected to save from 2 to 2.8 billion Australian dollars. If this policy went through, the fees for domestic students is expected to rise by an annual rate of 1.8% from 2017 to 2021 (Calderon, 2017). The current government’s funding is at 585 but is proposed to be reduced to 54%. This would mean an increased proportion of per student payment from 42 to 46% during this period (Croucher, 2017). The proposal is also accompanied by a reduction in the threshold for which the students starts paying their loans after school completion (Bexley, 2017). Initially, the threshold was for one employed and earning an annual salary of AU$ 54,869; his was for 2016-2017. However, this threshold is reduced to AU$ 40,000 and is expected to increase the number of debtors repayment by 180,000. This was however noted to be a disadvantage to the low-income bracket and those from poor backgrounds.
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