Education

Apr 21 2017

Education Investment Fund #education #fund

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Education Investment Fund

The Education Investment Fund ( EIF ) program has now ended.

In the 2014-15 Budget, the Australian Government advised that the EIF would close from 1 January 2015. This was in response to a recommendation by the National Commission of Audit that nation building funds, such as the EIF. would be consolidated as part of the proposed Asset Recycling Fund (ARF).

Existing EIF projects will continue to be funded.

Overview

The EIF was established by the Nation-building Funds Act 2008 announced in the 2008-09 Budget. It replaced the Higher Education Endowment Fund ( HEEF ), which was established in 2007.

The EIF aimed to build a modern, productive, internationally competitive Australian economy by supporting world-leading, strategically-focused infrastructure investments that would transform Australian tertiary education and research.

The competitive rounds of EIF offered eligible higher education providers, vocational education and training ( VET ) providers and research institutions the opportunity to compete for funds for their priority infrastructure projects.

The EIF was one of three Nation-building funds, along with the Building Australia Fund and the Health and Hospitals Fund.

EIF Funding Rounds

Round 1 – Higher Education Endowment Fund ( HEEF )

Round 2 – Research, vocational education and training ( VET ) and higher education sectors

Round 3 – Sustainability Round

Round 4 – Regional Priorities Round

Regional Priorities Round

In the 2011-12 Budget, the Government announced funding of up to $500 million over five years for a Regional Priorities Round of the EIF. This was aimed at supporting regional higher education institutions and vocational education and training ( VET ) providers to improve their infrastructure, and help improve the quality of training and education regional students receive.

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