“These are significant structural reforms that will underpin universities for decades to come,” Universities Australia Chief Executive Officer Mr Luke Sheehy said.

“We need to get these major policy reforms right to ensure universities have the stability and certainty needed to deliver the aspirations of a bigger and more inclusive university system.

“As the Accord outlines, Australia needs a strong pipeline of skilled graduates to meet its future skills needs and to support economic growth and prosperity.

“This can only be achieved with a strong university system working in collaboration with the TAFE and VET systems.

“Putting needs-based at the core of a new funding model is essential to attracting and supporting more of the skilled people we need, including from underrepresented backgrounds.

“The existing job-ready graduates package has left universities to do more with less which, unaddressed, will only make our role in meeting the Government’s workforce targets more difficult.

“The development of a new funding model is critical in delivering a stronger and fairer university system for our students and the nation.

“We support the Government’s intention to consult with the sector and look forward to co-designing these important policy reforms.”