CANBERRA, Feb. 26 (Xinhua) -- The peak body representing Australian universities has called for a major boost in government funding for the sector to meet targets for additional graduates.

In a speech to the National Press Club in Canberra on Wednesday, Universities Australia Chief Executive Luke Sheehy said that universities are being asked to educate 1 million more domestic students every year by 2050 in order to meet the nation's projected need for skilled workers.

Sheehy said that meeting the target could add up to 240 billion Australian dollars (152 billion U.S. dollars) to the economy, the equivalent of 20,000 Australian dollars (12,674 U.S. dollars) for every household.

However, he said that current funding levels for the sector are not adequate to reach the goal.

"Australia's universities need to be growing to skill more Australians, not potentially contracting," he said.

"This is not simply for the benefit of universities -- it's a critical national imperative to ensure our economy grows and Australia prospers."

According to a report published by Universities Australia in November, most of the nation's universities were in deficit and a government package introduced in 2020 has reduced funding for domestic student places by 6 percent.

The report said that a move by the government in 2024 to cap international student numbers has reduced a revenue stream that universities relied on to cover domestic student funding gaps.

Speaking ahead of the general election, which must be held by May 17, Sheehy on Wednesday called on the next government to reinstate the Education Investment Fund, increase research and development funding and lift the PhD student stipend.

The Education Investment Fund provided dedicated funding for infrastructure projects at universities until it was abolished in 2019.

"Our universities have everything to do with building Australia's future -- they are an essential ingredient and should be treated as such," Sheehy said. Enditem

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