Budget 2016 will allocate an additional $1.44 billion ($640.5 million in operating funding over the next four years, $727.3 million in capital funding, and $75.1 million in operating funding in 2015/16) to Vote Education over the next five years. This takes annual education spending to over $11 billion for the first time.
Vote Tertiary Education
The Government’s total direct spend on tertiary education is forecast to be approximately $4.3 billion in 2016/17. The Government is investing $256.5 million over four years in tertiary education through the Tertiary Education package for Budget 2016.
The Tertiary Education initiatives are a part of the ‘Innovative New Zealand’ package.
Innovative New Zealand is a series of 25 initiatives that will see $761.4 million invested over the next four years in science, skills, tertiary education and regional development initiatives. These will help diversify the economy, and support more jobs and higher wages for New Zealanders in the decade ahead.
The Tertiary Education Commission (external link) is the lead operational agency for the tertiary education sector, and will implement many of the Budget 2016 initiatives.
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