Welcome to Finance and Fury, the Say What Wednesday Edition

Today’s question comes from Octav

Hi Louie,

My question is how the universities are functioning in Australia, especially the one that are governmental managed. How do they make the advertisement for casual and part time positions available? From my experience, the positions are given to students and acquaintances without a selection process.

 

Today we will talk about universities in Australia

  • An overview
  • The nepotism

 

Overview:

  • 43 universities in Australia
  • The department of education has the responsibility for administering funding and policy
  • A hybrid model with funding from government and tuition fees
  • The universities adhere to government rules and regulations
  • Funding comes from commonwealth schemes, scholarships, and grants.
  • HECS/HELP debt covers 2.2 million Australian’s debt at around $40.2 billion in total
  • Takes an average of 8.8 years to pay off
  • Uni is set to become more expensive as the government starts covering less of the cost upfront

 

How well are they functioning?

  • Rankings in the top 100 Uni’s in the world
  • Quality of education (30%) – comes down to alumni and staff winning prizes
  • Quality of faculty (40%) – highly cited researchers and papers published
  • Research output (20%) – papers indexed
  • Per capita performance academically (10%) of an institution

 

Australian Uni rankings

  • 7 in the top 100
  • What other methods show the functioning of a university?
  • Any focus on preparing people for the real world?
  • Last year 73% of people found a job after graduating and 27% are still looking
  • Pharmacy graduates had the highest change of employment
  • Creative arts graduates only 52% were in full time employment after graduating
  • Science and mathematics graduates had 64% employment 4 months after graduating
  • Only 57% of graduates who were employed full time after graduating believe their qualification was important for their current employment
  • Only 39% of undergraduates in fulltime and part time jobs reported that their skills and education were not fully utilised
  • And they have HECS debt to repay
  • The degree should improve your employment prospects
  • Look at a career with a wide range of job prospects I was interested in
  • Another important factor is about building resilience
  • Makes it hard to educate on topics if people get offended
  • Are universities functioning well based on how much it will cost you?
  • Previous episode link here on the political tool used to get votes and should you go to university
  • What is the incentive for universities to keep their prices low?

 

Second part of Casual and part time employment

  • Internally hire through the ranks
  • Universities don’t hire many casual or part time workers, 70% are full time

 

Thanks for the question, if you want to get in touch you can do so here.

Resources:

https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/FlagPost/2018/May/HELP-debt-statistics

 

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