Vital Contributor to the Australian Economy †Free Samples

Question: Discuss about the Vital Contributor to the Australian Economy. Answer: Introduction. Predominantly, education is a vital contributor to the Australian economy. Primarily, a skilled labor force emerges from better training and education thus the reason for most government investing in their respective education sectors of their economies. Further ,The Australian government has but in measures to encourage equitable and quality education opportunities for its population despite the shortcomings it faces along the way .The article on budget to lift fees by Hare and Uren seeks to explore the reforms undertaken by the Australian government in an effort to boost its education sector performance. The article highlights the negative effects of the increase in tuition fees move by the Australian government. Recently, Australian University students are required to pay higher tuition fees because of the funding reduction executed by the government of Australia. The Australian government has incorporated a formula for funding of higher education which has resulted into a twenty-five percent increase of university tuition fees to be paid by its students (Hare and Uren,2017)Further, the new funding formulae has transferred additional university costs to be covered by its university students. To most students, this could be burdensome. The increase in tuition costs at the higher education level has totaled to forty percent with a compulsory requirement of making the payments at the earliest opportune moment. In addition, under the new funding formula, higher education students are expected to remit their loan fees at the onset of their studies which might prove impossible for some students who are disadvantaged.However,the Australian government perspective is that these university students are likely to land high paying jobs as soon as they complete their studies at higher education institutions which is barely true for all university students(Jeffrey,2017)Rationally, the high cost of university education is viewed as an investment in return for high salaries after higher education completion. Usually, unemployment levels are inevitable and high in most developed and underdeveloped countries thus making the logic of high-paying jobs to all university graduates unattainable. Additionally, the number of university graduates has declined over the years. Noteworthy, there is a huge number of unemployed graduates in the Australian Economy according to the Australian Bureau of Statistics (Hare and Uren, 2017)The unemployment figures are cut across graduates and non- graduates, skilled and unskilled labor force in Australia. The Australian unemployed population consists of both youths and older population groups as per the statistics analysis by the Australian Bureau of Statistics. Notably forty one percent of the unemployed population in Australia for the past one year comprised of graduates thus the proof that higher education doesnt guarantee high paying jobs if any for university graduates. Further, the high tuition fees at the Australian University level has contributed to a significant decline in the number of higher education enrollments following the pay hike (Yaxley, 2015) Typically, the law of demand dictates that an increase in price of a good or service is likely to affect the output .In this scenario, the demand for education at the increased tuition prices will lead to a significant drop in the number of enrolled Australian students despite the elasticity of price. Similarly, a price increase in the tuition fee of students based in England resulted into a decrease in the number of university enrollment figure by fifteen thousand (Vasagar, 2012) thus the assertion that an increase in tuition fees will likely result into huge decline in university education attendance. Largely, the increase in university tuition fee and costs will negatively affect aspiring and existing Australian higher education students from enrolling and completing their courses at institutions of higher learning in the Australian states. For most disadvantaged students ,the pay increase is a burden and a denial of their right to affordable and equitable education.Usually,an increase in government budget expenditure in the education sector as opposed to a reduction would be a better option for Australian students performance and excellence(Farrell and Hurst,2014)The move to withdraw funding from the education sector in Australia can be interpreted to mean the government is less interested in providing affordable and equal opportunities for Australian learners. Notably, Education being the backbone of the economy has been able to produce skilled future and existing labor force who have propelled the Australian economy to high revenue margins thus the need for government to rethink its funding reduction to the education sector.Ideally,the ought to be massive government support and investment into the education sectors because an investment into education is an investment into the labor force quality and productivity through which an economy grows and the government revenue emanates from. A skilled labor force is likely to increase employability chances due to the fact that the worker will have the requisite skillset for the requisite jobs thereby maximizing profits, efficiency and productivity for employers Further, the reduction in government funding on the education sector is likely to encourage massive school dropouts at the university level. The unaffordability of university education will most likely increase the number of unskilled labor force in the Australian economy thereby raising the already existing high unemployment levels in the Australian states hence the need for positive reform based impacts on the Australian education system and its economy as a whole .The Australian government need to reduce the university education through its own funding or through university legislation encouraging tuition fee cuts to increase the number of university graduates in Australia while producing skilled future labor force(Hare and Uren,2017) According to the demand laws, an increase in the tuition fees for higher education Australian learners will only discourage higher education applications by aspiring university students and encourage dropouts among the existing university students (Education, n.d) .In as much as the government is reducing its expenditure and possibly relieving general taxpayers of some burden percentage, the implications on the education sector are far from favorable. Subsequently, the future labor force of Australia is likely to be unskilled due to the unaffordability of higher education by most of the Australian student population .Inevitably, the current students are the taskforce of tomorrow hence their education experience will definitely reflect in their work quality, productivity and employability chances. References Education Costs in Australia. (n.d.) Austrade. Retrieved from Https;//www.studyinaustrali.gov.au/global/australian-education/education-costs Farell,P.,and Hurst,D.(2014) University Fee Changes explained: How will Australian students be affected? The Guardian. Retrieved from https;//www.theguardian.com/World/2014/jun/university-fee-changes-explained#img-1 Hare, J., and Uren, D. (2017).Budget to life fees for university students, scrap funding cuts .The Weekend Australia .Retrieved from https://www.theaustralian.com.au/national-affairs/education/budget-to-lift-fees-for-university-students-scrap-funding-cuts/news-story/5725169a6df0dfbe5ed0b699b5408be7 How will an increase in tuition fees affect student participation and choice of course in the Uk? (n.d.)Shift Learning. Retrieved from https://www.shiftlearning.co.uk.site/default/files/white%20paper%20How%20will20%an20%increase%20in20%tuition%20fees20%affect20%student20%participation%20and20%choice20%of%20%20in%20the%20UK_0.pdf Jeffrey, C. (2017).Why Australia and India should collaborate on Higher Education .The Wire .Retrieved from https://the wire.in/123097/why-right-time-australia-india-higher-education Pash , C.(2017).The cost of Getting A University Degree in Australia Is About To Change: Heres What You Need To Know. Business Insider. Retrieved From https://www.BusinessInsider.com.au/the-cost-of-getting-a-university-degree-in-australia-is-about-to-change-heres-what-you-need-to-now-2016-4 Vasagar, J. (2012).Tuition fees increase led to 15000 fewer Applicants. The Guardian. Retrieved from https://www.theguardian.com/education/2012/aug/09/tuition-fees-increase-15000-less-applicants Yaxley, L. (2015).University fee Deregulation: Government discusses new proposal with crossbench senators .ABC News .Retrieved from https://www.abc.net.au/news/2015-03-04/higher -education-new-university-fee-deregulation-proposal-offered/6280124