Australia is evaluating proposals aimed at increasing the proportion of adults with university or vocational qualifications, which includes the establishment of a 10 billion Australian Dollar ($6.6 billion US Dollar) fund for educational infrastructure.
A government-formed committee, including Macquarie Group CEO Shemara Wikramanayake, recommended raising the percentage of the working-age population with tertiary education - such as bachelor degrees or job-qualifying diplomas - to at least 80% by 2050 from the current 60%.
Prime Minister Anthony Albanese told Nine Network on Sunday that the country "needs to plan for the jobs of the future, which means giving people the skills and knowledge they need."
Among the 47 proposed reforms, the committee suggested creating a "Higher Education Future Fund" to invest in infrastructure and student housing.
Expected to include contributions from universities and the government, the fund aims to reach assets worth 10 billion Australian Dollars, according to a report published on Sunday.
The report stated that the improvements would support the higher education sector, which registered over 450,000 fee-paying international students in 2022, making it Australia's fourth-largest export sector.
Education Minister Jason Clare said on Sunday that the government would review the committee's findings.
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