Australasian Science: Australia's authority on science since 1938

Federal Budget 2014: a snapshot for science

A list of some key science-related Budget announcements

The full text of this article can be purchased from Informit.

  • Australian Research Council: An efficiency dividend will be applied to research grants. This will result in a funding cut of $74.9 million over three years from 2015-16 to 2017-18
  • CSIRO: Savings of $111.4M over four years will be made from the CSIRO budget.
  • Research training scheme: Postgraduate research students will now be expected to make a contribution to their course costs. This will reduce spending by $173.7 million over three years from 2015-16. Higher education providers will be able to introduce fees at the rate of $3,900 per full time student for high cost courses, and $1,700 for low cost courses. Eligible students will be able to pay these fees using the HELP system.
  • Medical Research Future Fund: The Government will establish a Medical Research Future Fund on 1 January 2015 to provide additional funding for medical research, including through payments to NHMRC. The MREF will receive $1 billion from uncommitted funds in the Health and Hospitals Fund (HHF). Amounts equal to the estimated value of health savings measures published in 14-15 Budget will be reinvested in the Fund until it reaches a target capital level of $20 billion from 14-15 to 19-20. For example for every $7 patient contribution, $5 will be reinvested in the MREF. Net interest earnings on MREF capital will be available for drawdown the following financial year....

The full text of this article can be purchased from Informit.