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May 26, 2014 | by  | in News |
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Budget

13 – All kids under 13 will receive free doctor’s visits and prescriptions.

18 weeks – Paid parental leave will be extended from 14 to 18 weeks.

$372 million surplus for the 12 months to 30 June 2015. This is the first surplus since 2008.

$60 billion current Crown debt. This is predicted to peak at $70.3 billion in 2017.

$1 billion new spending in this budget.

$357 million for Auckland transport projects.

$1.8 billion increase to health budget over four years.

$50 million for the Canterbury earthquake recovery.

$198.6 million of operating funding for new investments in tertiary education – of this, $85 million is targeted towards STEM subjects, with $68 million more funding for Science.

HOW WILL THE UNIVERSITY USE THIS INCREASED FUNDING?

Andrew Simpson, Victoria’s Chief Operating Officer, says:

“Along with other tertiary institutions, Victoria has received additional STEM funding since 2013. Although inflation has not been high in recent years, inflation rates have reduced, in real terms, the additional money available.

However, that money has allowed us to grow EFTS in engineering, employ additional staff, and expand and improve facilities for Engineering and Science students. It has also seen Victoria introduce cutting-edge and innovative programmes such as the Sonic Engineering project, where Engineering students are collaborating with students from the New Zealand School of Music to create robotic musical instruments. Additionally, the funding has supported a new research area at Victoria – that of fisheries science.

No decisions have yet been made as to how the additional funding for 2015, announced in the Budget, will be spent. The University will follow its normal budgeting process, which will result in decisions being made later in the year. However, the additional funding will allow us to continue improving the student experience for those enrolled in Science and Engineering.”

Australian Budget

Universities will be able to set their fees for Australian undergraduate students as high as they like from 2016.

6% – The percentage that student loans will be able to rise by from 2016. They are currently capped at the rate of inflation.

26 weeks – Tony Abbott extended paid parental leave from 18 weeks at the minimum wage to 26 weeks on full previous pay up to A$50,000 in six months – equivalent to A$1923 (NZ$2077) a week.

$50,638 – The new annual-income threshold for mandatory debt repayments, a drop of $3000.

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About the Author ()

Salient is a magazine. Salient is a website. Salient is an institution founded in 1938 to cater to the whim and fancy of students of Victoria University. We are partly funded by VUWSA and partly by gold bullion that was discovered under a pile of old Salients from the 40's. Salient welcomes your participation in debate on all the issues that we present to you, and if you're a student of Victoria University then you're more than welcome to drop in and have tea and scones with the contributors of this little rag in our little hideaway that overlooks Wellington.

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