“The challenges facing Australia right now are greater than ever, which is why we need to get the funding settings for our universities right,” Universities Australia Chief Executive Catriona Jackson said.

“Australia needs more of what universities offer, not less, to drive productivity and economic growth while preparing us for new challenges and opportunities.

“Constant tweaks to these settings have left universities vulnerable, undermining our ability to educate the skilled workers and undertake the research and development the nation relies on.

“Government investment in research and development is now at its lowest ever share of gross domestic product. This is not good enough for a nation of Australia’s standing.

“This is what the Universities Accord – now at the halfway point of its review of higher education – must address, and we look forward to seeing the Albanese Government’s interim report next week.

“When universities are strong, our nation is strong. We will continue to work closely with the government, through the Universities Accord process and beyond, to ensure we have a system that supports Australia’s future.”