“Support for university students is a key focus of this Budget as the Government balances cost-of-living relief with future investment,” Universities Australia Chair Professor David Lloyd said.

“Investing in our universities will ensure they are able to play a full role in delivering the Albanese Government’s Future Made in Australia agenda as well as other national priorities.

“We can’t have a Future Made in Australia without investment in research and development, so we must see some measures in the near-term to support the advancement of this vital work.

“We can’t achieve these tasks without graduates and with more jobs in the future requiring a degree, universities will be relied on to educate the skilled people we need to grow and prosper.

“This means we must open the door to university for more Australians and the Government’s support for students will help by making higher education more affordable and more accessible.”

Universities Australia Chief Executive Officer Luke Sheehy said Government support for universities was essential to ensure the sector can continue to support Australia’s prosperity.

“Skilled graduates help deliver the economic dividends that pay Australia’s way,” Mr Sheehy said.

“The Government’s prioritisation of measures to support students in this Budget is timely as we seek to expand our system and the number of students we educate to meet our economic needs.

“Universities are partners in our national prosperity. Government support for our sector is crucial as we work to build our partnership through education and research for the benefit of all Australians.

“The Government has acted decisively in its initial response to the Accord with new measures to support students while fostering our research endeavours.

“We look forward to more details on the Implementation Advisory Committee which will work with the Government on the rollout of further reforms while providing universities with policy and funding certainty.

“This is an essential process to ensure the Accord’s multigenerational reforms are realised and we are eager to get to work.”