Coronavirus: Qld universities to get $150m bailout

The Queensland Government will unveil a $150 million rescue package for the state’s tertiary education sector, which has been battered by the loss of valuable international students.

The university sector will be offered a $150 million bailout after a decline in international students left the tertiary sector reeling.

Premier Annastacia Palaszczuk will today announce the rescue package in a bid to support

Queensland universities and safeguard thousands of jobs in the regions.

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It comes after Griffith University revealed its loss of income is about $100 million during 2020, as the institution braces for a potentially greater fall in revenue forecast next year.

The university has warned 300 jobs will be lost.

Ms Palaszczuk said the $150 million package would operate as a loans facility for the sector.

“Thousands of people right throughout regional Queensland rely on universities for a job,” she said.

“This package will help to keep all our universities open – safeguarding these jobs.”

Universities from Cairns to the Gold Coast will be able to apply for loans, with the sector forecasting a more than $1 billion loss in 2020.

The funds will be recouped through a repayment program over the next five years.

In 2019, there were close to 60,000 international student enrolments, injecting close to $3 billion into the economy.

“When it is safe for overseas students to return here, international education will play a vital role as part of my Government’s plan to unite and recover – and our universities will be crucial to that recovery,’ Ms Palaszczuk said.

State Development Minister Kate Jones said the package was developed in consultation with Queensland’s vice-chancellors.

She said universities were the responsibility of the Federal Government but it had dropped the ball when it came to support.

“For months, our universities have been crying out for support,” she said.

“These cries have fallen on deaf ears.

“We’re doing everything we can to pick up some of the slack to safeguard the thousands of jobs that are at risk if our universities fail.”

Today’s announcement follows $10 million from the State Government to support the state’s $3 billion international education sector.

“Before COVID-19 international education was a rapidly-growing sector of our economy,” Ms Jones said.

“This industry – and the thousands of students who support it – is vital to Queensland’s

economic recovery.

“That’s why, unlike the Federal Government, we have not abandoned students who have

been left stranded in Queensland – often struggling to find food or accommodation during

these tough times.”

Originally published as Coronavirus: Qld universities to get $150m bailout