Risk of education paralysis

Australia has long had a remarkably good university system, and used relatively modest levels of public investment in higher education very effectively.

But as the pressures of technological change and globalisation place ever higher resource demands on universities trying to keep pace with international developments in teaching, learning, research and innovation, the traditional regulatory framework, based essentially on public funding, looks increasingly unsustainable.

Few experts any longer argue with US public-policy guru Peter Drucker’s observation: "The productivity of knowledge work will become the economic challenge of the knowledge society. On it will depend the competitive position of every single country, every single industry, every institution within society."

So being internationally competitive in higher education and advanced training has never been more vital for developed nations.

Australia cannot afford to fall behind in higher education, but will not keep up on the cheap. Students, politicians and policy makers alike must recognise that there is no magical Antipodean discount in this cost-benefit equation. Otherwise, our higher education system will become steadily more degraded.