The revival of a defunct infrastructure fund is at the top of universities¡¯ wish list as Australia prepares to go to the polls.

In its , Universities Australia (UA) calls for the re-establishment of the Education Investment Fund (EIF) to ¡°ensure financial stability¡± for universities ahead of a mandated growth spurt.

The EIF bankrolled some A$4.2 billion (?2.1 billion) of new research and teaching infrastructure and is credited with helping Australia avoid recession during the global financial downturn of the late 2000s. But its?closure?in 2019 left the sector without a dedicated ongoing source of capital works funding.

Such a source seems crucial after the Universities Accord found that government-subsidised higher enrolments must more than double by 2050 to meet Australia¡¯s workforce needs. In essence, this would necessitate the addition of a large university¡¯s complement of students every two or so years.

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UA says a revived EIF would help ¡°safeguard teaching and research¡± amid shifts in Australia¡¯s industrial base. ¡°We need a bigger skilled workforce and more research and development to power Australia¡¯s progress so that no one is left behind,¡± said chief executive Luke Sheehy.

¡°Our universities are national assets and should be treated as such, receiving bipartisan support to grow and succeed.¡±

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The EIF, which initially enjoyed bipartisan support, is considered one of the most beneficial tertiary education policy instruments of the past few decades. It was launched as the ÖйúAƬ Endowment Fund by the conservative Howard government, which seeded it with A$6.5 billion of investment capital.

The Rudd-Gillard government renamed the scheme and promised more seed funding. However, the financial downturn ensued and Labor raided the EIF¡¯s capital to fund a slew of projects, including non-education-related building work, in the hope of energising the economy.

After the conservative parties regained power in 2013, they?parked the remaining capital?in a low-yield fund while they tried to close the scheme. They eventually succeeded, transferring the leftover A$3.9 billion into a?fund for flood and fire victims.

UA¡¯s election statement says universities are now ¡°at a financial breaking point, grappling with unsustainable funding cuts, rising costs and dwindling resources. Without urgent action [they] are at risk of severe decline.¡±

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The statement also calls for better research funding, an overhaul of tuition fees, more affordable student loans and a new international education strategy, among other measures.

The federal election is due to be held by 17 May.

john.ross@timeshighereducation.com