$480 million for higher education

Total commonwealth funding through the education, science and training portfolio will rise by nearly $480 million between now and 2004. In 2004, resources provided to universities will be around $6.3 billion (which does not include science programs transferred to the portfolio in November 2001).

The number of commonwealth fully funded university places will also increase each year. By 2004 there will be at least 8,300 more fully funded undergraduate places than there were in 2001.

The positive impact of Backing Australia's Ability will flow through universities during the next triennium. In 2002 the direct financial boost for higher education research will be nearly $110 million. In 2003 more than $220 million and in 2004 nearly $290 million.

Universities will also benefit from other measures, such as the 175% research and development tax concession and the continuation of the research and development start programme, that will attract private sources of funding to research.