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Media release: Group of Eight universities are critical to the knowledge economy

Australia’s Group of Eight (Go8) universities are critical to all aspects of Australia’s future economic prosperity and are at the forefront of the research, innovation and technology we need to create lasting solutions to the challenges we face as a nation.

“The Productivity Commission’s Key to Prosperity Interim Report released today recognises that global economies are increasingly driven by knowledge and research-intensive universities are key to economic productivity and growth,” said Group of Eight Deputy Chief Executive Dr Matthew Brown.

“The PC Interim Report acknowledges that productivity growth partly relies on innovation, new technologies, processes, and ideas; collaborations between businesses and universities; a skilled and educated workforce; and digital skills.

“These are all areas that Go8 universities excel in, including in conducting world leading research that has productivity spill overs to the rest of the Australian economy of over $23 billion a year in economy-wide benefits.” (London Economics)

  • The Go8’s total economic impact is some $66.4 billion each year
  • Go8 research activity contributes $24.5 billion to the economy each year
  • Every $1 of Go8 research income delivers $10 in benefits to the community

“The interim report also recognises that a higher proportion of jobs require tertiary qualifications and notes the importance of lifting the quality of teaching and learning across the education system. Go8 universities are world recognised for quality teaching and research.

  • The Go8 enrols 425,000 students – educating more than one quarter of all higher education students in Australia
  • The Go8 undertakes 70% of Australia’s university research – each year the Go8 spends $6.5 billion on research – more than $2.4 billion on Medical and Health Services research

“It’s crucial that our future generations have access to the best university education in the world. Only then can we solve the challenges ahead and secure our nation’s future,” said Dr Brown.

The Go8 is committed to working collaboratively with the Productivity Commission and Australian Government to deliver what’s needed to boost productivity and economic prosperity.

Contact: Dr Matthew Brown, Group of Eight Deputy Chief Executive on +61 422 937 663