2008-09 Budget delivering commitments to the future

28 May '08

2 min read

The Rudd Government is proud to deliver the 2008-09 Budget, which honours its commitments to the Australian people.

This Budget marks the end of reckless, short-term spending, and the start of responsible investment to prepare our economy to meet future economic challenges.

The Budget provides for the establishment of three new nation building funds - the Education Investment Fund, the Building Australia Fund and the Health and Hospitals Fund.

Education and skills
The Rudd Government believes that investing in the Australian people is the best way to secure prosperity, spread opportunity and increase living standards into the future.

The 2008-09 Budget invests $5.9 billion over five years in the Rudd Government's Education Revolution, from early childhood education and care, through schools, vocational training and to our universities. In particular, the Government will deliver on its commitments to invest:

- $2.5 billion over ten years for Trade Training Centres in schools;
- $1.9 billion over five years to deliver up to 630,000 additional training places to boost the skill level of the workforce; and
- $1.2 billion over five years to provide up to $1 million per school to deliver computers and communication technologies to all students in Years 9 to 12.

To ensure our long-term goals for education reform are delivered, the Government will establish the Education Investment Fund to finance capital investment in higher education and vocational training. The Fund will receive an initial allocation of $11 billion (including around $6 billion from the Higher Education Endowment Fund, which it will absorb). Both the capital and earnings of the Education Investment Fund will be available over time to finance appropriate projects, which means that the funds available in coming years will be substantially greater than under the previous arrangements.

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