“Australia’s future success, safety and prosperity depends on a strong university system,” Universities Australia Chief Executive Catriona Jackson said.

“Our world-class institutions produce the highly skilled graduates and innovation the world needs now more than ever, generate billions of dollars in export activity, and support more than 250,000 jobs.

“The Accord is our chance to get the policy and funding settings right to ensure universities can continue supporting the national interest – now and in the decades ahead.

“Universities will bring the bold and innovative thinking that this significant reform moment demands as we work in partnership with the independent panel and government to shape our sector’s future.

“We welcome confirmation that the review will focus on making university more accessible to all Australians, regardless of their background, and look at reforming university structures.

“More jobs in the future will require a university degree. We need to get this right for the benefit of universities, students and, most importantly, our economy and the nation more broadly.

“This is the biggest opportunity for policy reform in our sector in decades. We must grasp it with both hands and be bold in ambition and rigorous in process.

“We thank the Albanese Government for its strong focus on higher education, and look forward to working closely with Minister Clare, Professor O’Kane and the panel in this all-important endeavour.”