Council of Australian Postgraduate Associations Pre-budget Submission February 2016 Compiled with the assistance of the staff and office bearers of the Council of Australian Postgraduate Associations (CAPA) and its affiliated member organisations. Prepared by Vikraman Selvaraja from CAPA Level 1, 120 Clarendon Street, Southbank, VIC, 3006 (03) 9254 1910 or 0431 280 817 www.capa.edu.au 2 Table of Contents Executive Summary 4 Managing the Innovation Landscape 6 1) Improving access and developing innovative capacity 7 2) Supporting research training and HDR candidates 10 3) Ensuring the quality of teaching and learning 15 Appendix 18 3 Executive Summary The Australian higher education sector’s contribution to the economy and the long-term sustainability of the expenditure needs of the nation are widely accepted in industry and government. The two biggest contributions made by the higher education sector are; a) The development of human capital as expressed by increasing overall skill levels of the working age population by teaching and learning activities for coursework students b) Creating new knowledge and innovative ideas ranging from fundamental sciences and humanities to applied solutions for industry, performed by research postgraduate students and academic staff These two contributions are the absolute fundamental drivers of economic growth in economies at the technology frontier, as Australia is, along with other high income, high Human Development Index nations. Postgraduate education, i.e. the development of higher levels of human capital among the working age population is highly valued by the labour market with people possessing a postgraduate qualification having significantly lower unemployment rates (81.1% looking for full time work six months after graduation were successful compared to only 68.1% of bachelors degree graduates)1. People entering the labour market with postgraduate qualifications also receive a dramatic wage premium on average of ~25% depending on the industry over bachelors degree graduates1. These higher wages return to federal and state budgets in the form of higher income and payroll tax receipts. The volume and quality of the higher education sector’s research output ranks in the top ten OECD countries2. This research output is produced by the second lowest public expenditures on higher education in the OECD3 at a mere 0.7% of GDP. Research students contribute to the majority of Australia’s research output in human resource terms at 57%. 4 Expanding support for research students will benefit Australia through higher human capital formation and greater R&D capabilities within the higher education sector. 1 Graduate Careers Australia, 2014, Postgraduate Destinations 2 Office of the Chief Economist, 2015, Australian Innovation System Report 2015 Tables. 3 OECD Indicators, 2015, Education at a Glance 4 Australian Government Department of Industry and Science, 2014, Australian Key Innovation Indicators Data Card 4 The Council of Australian Postgraduate Associations (CAPA), is the peak body representing the interests of Australia’s 376,055 postgraduate students, with over 67,000 undertaking research degrees and over 308,000 pursuing coursework or combined research programs5. Founded in 1979, CAPA is a membership based non-profit organisation, our members include over thirty postgraduate associations, and the National Aboriginal and Torres Strait Islander Postgraduate Association (NATSIPA). CAPA carries out its mission through policy, research and activism, communicating the interests and issues of postgraduate students to the federal and state governments, major and minor political parties and universities. CAPA is Australia’s longest continuously running student peak body and has been in operation since 1979. CAPA has identified three priority areas to inform the formation of the 2016-17 Federal Budget, where funding will ensure continued strong growth of the Higher Education Sector as well as Australian research. Recommendations 1. Extending income support through the Youth Allowance, Austudy and Abstudy programs to all domestic students regardless of course of study costing 186 million dollars over 4 years 2. Supporting Higher Degree by Research (HDR) candidates to successful completion and transition to the labour force with the stability and security to innovate at a cost of 100 million dollars over 4 years 3. Ensuring that a fair level of income derived by universities from teaching activities is spent on teaching and learning 5 Australian Government Department of Education and Training, 2014, Student Data (All Students) 5 Managing the Innovation landscape The end of the decade long terms of trade boom driven by anomalously high prices for Australian mineral exports has put the Commonwealth and state budgets into recurring deficits and has lowered the growth outlook for the Australian economy. Wages and productivity are also in a period of weak growth. Boosting wages and productivity in the long term for economies at the technology frontier like Australia requires a sustained focus on innovation, research and development which will act to counteract the demographic and environmental threats facing the Australian economy in the next 30 years. However, investment cycles in these areas are necessarily focused on time horizons much longer than the electoral cycle and as such require foresight and a sense of strategic priorities in fiscal decisions. Universities are the site of most of the original and ground breaking fundamental research that occurs in Australia. They respond readily to incentives set by the Commonwealth but are naturally conservative institutions. As such, driving a focus on high quality innovation, research and development within the higher education sector requires focusing on micro rules and incentives. Careful policy making in the sector can drive sustained increases in output both in terms of knowledge and human capital. However, short sighted decision making by policy makers can result in split incentives and drive poor choices by university administrators. The new focus placed by the Prime Minister and the Cabinet on improving innovation outcomes must be used as an opportunity to install incentives and rules to enable universities to generate better outcomes. There a currently significant failings in the sector which create barriers for the vast majority of Australians to access higher education and damage the progress of ground breaking research conducted by postgraduate students. We believe the following issues are significant and need to be addressed: income security, access to Commonwealth support, quality of teaching and learning, and the education to workforce transition for highly skilled research students. 6 1. Improving access and developing innovative capacity The current system of income support for students engaging in a postgraduate degree is deeply unsatisfactory6. The lack of income support is one of the main reasons that the proportion of Australians who hold a postgraduate qualification is one of the lowest (25th out of 31) in the OECD7. Postgraduate Qualification % (25-64 year olds) 25 20 15 10 5 Chile Turkey Greece New Zealand Australia Ireland Canada United Kingdom France Hungary Norway Denmark United States Germany Netherlands Austria Israel Sweden Iceland Italy Spain Finland Slovenia Belgium Czech Republic Slovak Republic Portugal Switzerland Estonia Poland Luxembourg 0 Masters CW HDR Figure 1: Proportion of 25 to 64 year olds in selected OECD nations who have postgraduate qualifications, drawn from the Education at a Glance, 2015 report by the OECD. Masters Coursework (CW) in blue and Higher Degree by Research (HDR) in red. Data included in Appendix 1 6 This has been detailed in multiple reports to the government in the last 8 years including the University Student Finances 2012 report commissioned by Universities Australia, the Review of Australian Higher Education by Prof. Denise Bradley and The Changing PhD report by The Group of Eight. 7 OECD Indicators, 2015, Education at a Glance 7 Australia has a comparatively low level of people who have achieved Masters by coursework programs. It is well accepted in the educational and economic literature that the primary barrier to further education for most students in Australia is the lack of income support8. Less than 17% of postgraduate coursework students in Australia receive Youth Allowance, Austudy or Abstudy, compared to close to 40% of undergraduate students. One of the reasons that so few postgraduate coursework students are able to receive income support is that only very few masters by coursework programs are considered a valid enrolment for the purposes of applying for Commonwealth income support. This acts as a severe disincentive to enrolling in a postgraduate coursework degree, despite the obvious labour market benefits9 to the individual, and the benefits to the community of higher net human capital. This low participation rate in postgraduate education also results in innovation and the long term sustainability of our productivity as a society being negatively impacted10. Additionally, the impact of this lack of income support for students is felt very acutely on the students. The most appalling of these impacts is that 25.2% of postgraduate coursework students go without food or basic necessities on a regular basis due to finances11. These numbers present a shocking trend within students of the higher education sector particularly for older students that do not receive income support. This has deeply negative effects on the mental health of postgraduate coursework students, who report mental health problems far above the level in the rest of the community12 With 78.6% of fulltime postgraduate coursework students employed it is of major concern both to the individual students and to the community as a whole that one quarter of them miss classes due to work scheduling conflicts and over half believe that work adversely affects their study13. This reduces the quality of teaching and learning activities they receive thus reducing 8 Universities Australia, 2013, University student finances in 2012 9 Graduate Careers Australia, 2014, Postgraduate Destinations 10 Ian Watt AO, 2015, Review of Research Policy and Funding Arrangements to the Australian Government 11 Universities Australia, 2013, University student finances in 2012 12 Helen M. Stallman, 2010, Psychological distress in university students: A comparison with general population data in Australian Psychologist Vol. 45, Issue 4 13 Universities Australia, 2013, University student finances in 2012 8 the overall value of the educational program. It also tends to blow out completion times14 for postgraduate qualifications preventing students from receiving recognition and the commensurate higher incomes from their greater levels of human capital, which is a net loss for the entire economy. The Bradley review15 recommended that income support should be extended to all postgraduate Masters Students regardless of their course. It was estimated in 2008 that this will come at a cost of $186 million over 4 years however the resulting increase in completion rates and overall enrolments will result in higher wages and a more productive labour force in the long term, addressing the need for a sustainable basis for future prosperity. Recommendation 1: Extend the eligibility of income support to all students studying a masters degree by coursework Budget expenditure estimate: $186 million over 4 years Key supporting reasons: 1) Postgraduate students generate innovation both through their direct research and also via increasing their human capital and taking those skills into different sectors of the economy. Australia ranks very low in the proportion of adults possessing postgraduate qualifications. Availability of income support payments incentivise this increase in human capital to fuel innovation. 2) Improves educational outcomes for existing postgraduate students by allowing them focus primarily on their education instead of working full time to support themselves. 3) Improves mental health for postgraduate students by providing them with a stable base level of income such that they are not put in stressful situations due to lack of income security. 14 Universities Australia, 2013, University student finances in 2012 15 Denise Bradley, 2008, Review of the Australian Higher Education: Final Report to the Department of Education, Employment and Workplace Relations 9 2. Supporting research training and HDR candidates In the national innovation and science agenda unveiled by the Prime Minister in December 2015, the government announced that in response to the recommendations made by the Watt Review16, significant changes will be made to the funding mechanism for research undertaken in higher education institutions. The new arrangements will replace the existing six research block grants with two streamlined programmes. The Research Support Programme (RSP) will provide around $885 million in 2017 to Australian universities as a flexible funding stream to support the systemic costs of research and the Research Training Programme (RTP) will provide around $948 million in 2017 to support the training of the next generation of researchers and innovators. We are heartened by the government’s support of research training and the commitment to restore a small portion of the cuts made in previous budgets to indirect research funding. We believe however, that the Watt review took a very short sighted view of the indirect costs of research funding and urge the government to restore the commitment to funding 50c in the dollar for indirect research costs. As these costs are currently opaque at many institutions, we currently refrain from making a specific budgetary request on the public purse but call on the government to ensure that universities make their financial arrangements open and transparent, such that these costs can be calculated with accuracy. Many of the indirect research costs in a review done by Allen Consulting17 are directly linked to the training of the next generation of high quality researchers. The report found that up to 80% of the time spent by academics on their research was actually spent on research training and supervision18. These are very valuable activities and if the government intends to commit seriously to improving the quality and outcomes for HDR candidates so as to grow the innovation ecosystem, supporting the indirect costs of research is crucial. 16 Ian Watt AO, 2015, Review of Research Policy and Funding Arrangements to the Australian Government 17 Allen Consulting Group, 2009, The indirect costs associated with university research funded through Australian Competitive Grants to the Australian Government Department of Innovation, Industry, Science and Research 18 Denise Bradley, 2008, Review of the Australian Higher Education: Final Report to the Department of Education, Employment and Workplace Relations 10 We are concerned though, that the commitment to hand over administration and minimum standards in scholarships for HDR candidates to universities to set as recommended in the Watt review for the Research Training Programme (formerly the APA and IPRS programmes), could lead to a significant reduction in the living standards, security and stability of HDR candidates. Research has shown that HDR candidates are on average much older (on average about 35 years old) and much more likely to have dependents (more than 45% report having dependents to care for) than the average student population19. The average full time HDR candidate reports working on their research at least 40 hours a week20, beyond the Australian community’s expectation that a full time work week is 38 hours of work. It is reasonable that the minimum wage should be available for those working full time hours. The minimum wage represents generally understood community and government standards of fiscal sustainability and is important to individual welfare. It is possible to envision that in the environment of competing university resource needs, the ability for academic and professional staff to unionise and bargain effectively with the university administration may protect their wages and conditions. However, HDR candidates, despite contributing the majority of the workforce hours in research at higher education institutions lack such bargaining powers and as such are in a position of weakness to contest what their minimum scholarship income and conditions may be. As such it is incumbent on the Commonwealth to protect HDR candidates from short sighted decision making by university administrators and mandate minimum standards of income and conditions for HDR students in receipt of a scholarship. We believe that the income level should be, at the very least, linked to the minimum wage determination made by the Fair Work Commission after tax, an amount that would be equivalent to 598$/per week in 2016. This would allow HDR candidates and their families to live with the stability and security that the Australian community expects for people in full time work and encourage the timely completion of their HDR program. Currently, less than 60% of those who enrol in a HDR program complete it within 5 years21 and the main reason specified 19 Universities Australia, 2013, University student finances in 2012 20 Ibid 21 Group of Eight, 2013, The Changing PhD 11 for lack of timely completions by candidates of HDR programs is financial insecurity22. Even improving this rate marginally would pay significant dividends to both the individual pursuing the program and the community by allowing the individuals recognised qualification to be utilised effectively in the labour market. It would also allow HDR candidates to build sufficient financial capacity to engage in unpaid innovative activities (e.g. startups and collaborative research) outside of their research workload and immediately after the completion of their candidature. We also consider that the Watt Review recommended to the government that funding of $12.5 million per annum be provided to create a small programme to support universities to increase numbers of industry placements for PhD students. The programme should commence in 2017 and the Department of Education and Training should develop the details of the new programme arrangements in consultation with the university and business sectors. We believe that this program answers the need that many HDR candidates have expressed to take their skills and apply them to innovative problem solving for various sectors of the economy. In addition, the evidence provided by iPreP program in Western Australia, which already simulates on a smaller scale a program similar to this recommendation23. However, CAPA believes that the skills developed by HDR candidates and their innovative talent should not be limited only to business but also be open to be accessed by non-profits and government departments and agencies as the productivity improvements required to sustain Australia’s economic growth need to come from all sectors of the economy and not just businesses. As such the program mandate will need to be broadened from the recommendation in the Watt Review to achieve those systemic benefits of placing highly skilled researchers and innovators into the broadest cross-section of the economy as possible. The final piece of the innovation puzzle that the Prime Minister has suggested needs further attention comes from the commitment in the innovation statement to enhance the visa system to attract the best and brightest entrepreneurial talent and skills to Australia by delivering pathways to permanent residency for postgraduate research graduates with science, technology, engineering and mathematics (STEM) and information and communications technology (ICT) qualifications. It was suggested that Australian doctorate-level and masters 22 Universities Australia, 2013, University student finances in 2012 23 Ian Watt AO, 2015, Review of Research Policy and Funding Arrangements to the Australian Government 12 by research qualifications in STEM and specified ICT or related fields will be awarded extra points under the points tested skilled migration programme to strengthen their pathway to permanent residence. We believe that this is a very worthwhile commitment which will greatly expand the pool of innovative research talent in the Australian community. However, in the environment of global competition for highly skilled and mobile intellectual talent, we believe that the scheme would be far more effective if it is constructed to be more certain, in a manner similar to the existing Canadian program24 and the program that the Obama administration has introduced by executive action in the USA25 which guarantees PhD graduates from Canada and US universities respectively permanent residency upon completion of their program. In Canada, which has a comparable number of international students in their HDR system to Australia, roughly 10,000 of these visas are issued every year26, or less than the number of people who permanently settle in Australia every fortnight27. We believe this scheme should be replicated in Australia and extended to include all HDR candidates regardless of field of study due to the complex and interdisciplinary nature of most modern research making it very difficult to separate different types of research conducted. The Australian community, through taxpayer support to higher education institutions and competitive research funding already subsidises the research training received by HDR candidates, thus their departure from Australia after completing their qualifications is a massive loss to the community in terms of their investment in the person. As such, this measure would be hugely beneficial to the Australian community by ensuring that high quality junior researchers from all over the world who complete their HDR program in Australia would 24 Ontario Immigration Nomination Program, Human Capital, retrieved from http://www.ontarioimmigration.ca/en/pnp/OI_PNPSTUDENTS_PHD.html on the 20/01/2016 The President’s Immigration Accountability Executive Actions & Their Impact on Asian American Immigrant Communities, 2014, retrieved from https://www.whitehouse.gov/the-pressoffice/2014/12/16/fact-sheet-president-s-immigration-accountability-executive-actions-thei on the 20/01/2016 25 26 Ontario Immigration Nomination Program, Human Capital, retrieved from http://www.ontarioimmigration.ca/en/pnp/OI_PNPSTUDENTS_PHD.html on the 20/01/2016 27 Department of Immigration and Border Protection, Migration Programme Statistics, retrieved from https://www.border.gov.au/about/reports-publications/research-statistics/statistics/live-inaustralia/migration-programme on 1/02/2016 13 be more likely to remain in Australia due to the security and stability provided by permanent residency and thus more likely to contribute to our national innovation effort. Recommendation 2: Supporting Higher Degree by Research (HDR) candidates to successful completion and transition to the labour force with the stability and security to innovate by: Budget expenditure/savings/allocation: $100 million over 4 years 1) Committing to funding indirect costs of research at higher education institutions to 50c in the dollar in line with previous recommendations to the government 2) Mandating that a minimum level of income through the scholarship program linked to the minimum wage after tax be paid by universities to HDR candidates in receipt of a scholarship 3) A substantial program of encouraging internships and placements, subsidised by the commonwealth, for HDR candidates in businesses, non-profit and community organisations, and government agencies and departments 4) A guarantee of permanent residency in Australia for any HDR candidate who wishes to upon the successful completion of their program 14 3. Ensuring the quality of teaching and learning To ensure that Australia’s higher education system is continuing to serve the needs of the nation, it is critically important to ensure that the high quality of teaching and learning provided to postgraduate coursework students is maintained. As discussed earlier, the two crucial purposes of the higher education system is to generate human capital in terms of a highly skilled workforce and to generate new knowledge. At the modern Australian university however, it is the case that the two purposes can and do come into conflict. Inadequate resourcing for the indirect costs of research has driven universities to cross subsidise their research activities from the Commonwealth Grants Scheme for higher education institutions, HECS contributions by domestic students and international student fees. It is the prerogative of a university to determine the extent to which a university cross subsides its activities. However, it is a common refrain from vice-chancellors that the declining quality of higher education provided to students is due to inadequate resourcing of teaching and learning activities through low Commonwealth support and insufficient HECS contributions.28 The underfunding manifests as blowouts in the size of tutorials, ageing and poor quality teaching infrastructure and low quality technology based educational innovation. This was even put forward by the vice-chancellors as one of the key reasons that university fees should be deregulated, such that the additional revenue may be spent on smaller and more personalised tutorials, more academic face time and investments in the latest technology29. The conflation of funding shortfalls in teaching and research is misleading and leads to situations where students are forced to bear further costs. The income and revenue already exists between Commonwealth and student contributions to teaching (especially in the case of full-fee HECS contributions by postgraduate coursework students) to stop the continued decline of teaching quality at Australian universities. It is not a point that is totally ignored within the higher education sector though, as high profile vice-chancellor and Nobel Laureate, Brian Schmidt said in 2014, 28 Knott, M, 2015, University Vice Chancellors Must Step Up on Higher Education Reform in Sydney Morning Herald 19 January, accessed online http://www.smh.com.au/federal-politics/politicalopinion/universityvicechancellors-must-step-up-on-higher-education-reform-20150119-12sxkm.html 29 Ibid 15 “our undesirable method of research funding is unfair to students, who believe they are paying for their education but are in fact paying for the country’s research.”30 However, few university administrators and higher education policy makers believe that the system is at a critical point, as discussed in both the Bradley review and the Lomax-Smith Base Funding Review31, as of 2010, it was thought that somewhere between 6-10% of income accruing to universities on the basis of teaching and learning activities from domestic students, i.e. through the CGS and the HECS contributions was being used to subsidise the indirect costs of research. This view is now clearly outdated as the mechanics of university funding has changed dramatically since the introduction of the demand driven system which incentivises universities to enrol as many students as they can to grow their revenue base, which can then be spent on research activities instead of teaching and learning. Widespread student dissatisfaction is observed in university campuses across the country on account of the poor quality of their learning experience, as evidenced in the very poor results obtained by the Go8 universities in particular on teaching satisfaction in the Good Universities Guide32. Thus we believe that to ensure higher education institutions continue to provide a high quality teaching and learning experience to students (particularly postgraduate coursework students), and to truly increase the human capital which is being produced by our higher education system, the Commonwealth should mandate a minimum proportion of the domestic student contribution and Commonwealth contribution that must be expended by universities on teaching and learning purposes. This would ensure that this cross-subsidisation of research activity and university budgetary surpluses33 from teaching related income is capped at a reasonable amount ensuring that both students and the general community is getting the human capital development that they are paying for. We propose that universities be allowed 30Schmidt, B, 2014, If not funding then teaching in Nature Outlook 31 Lomax-Smith, J, 2011, Base Funding Review 32 Good Universities Guide, 2016, The Educational Experience – Teaching Quality, accessed online on the 20/01/2016 at http://www.gooduniversitiesguide.com.au/ratings/perrating?ratingType=teachingQualityUG&type=UG &actionSearch=Search#.Vp84n_l95aQ 33 The Australia Institute, 2015, Not ‘how high’ but ‘for what’? to the Higher Education and Research Reform Bill 2014 Senate Inquiry 16 to spend no less than 95% of the domestic student contribution and CGS grants on teaching and learning activities. Recommendation 3: Ensuring that a fair level of income (95%) derived by universities from teaching activities is spent on teaching and learning Budget saving/expenditure/allocation: Revenue Neutral Key supporting reasons: 1) Teaching and learning is already underfunded at universities, as evidenced by both statements from university administrators and student satisfaction with the quality of their teaching 2) The cross-subsidy from teaching and learning related income to the indirect costs of research is already significant (6-10%) and growing rapidly due to the demand driven system 3) The community and students expected, fairly, that their investment in higher education increases both the quantity and quality of human capital available to push forward the innovation agenda. This cannot be done with low and declining quality of teaching and learning in higher education 17 Appendix Appendix A: Human resources devoted to R&D in higher education 2000 2002 2004 2006 2008 2010 2012 Academic staff 11,854 12,817 14,979 17,037 19,059 21,300 23,305 Other staff 6,780 6,832 7,787 8,038 8,181 8,530 8,897 Postgraduate students 27,654 29,963 32,438 33,830 34,533 39,561 42,467 Total HR devoted to R&D (PYE) 46,287 49,612 55,204 58,905 61,773 69,392 74,669 Table 1 Compiled by CAPA based on Research and Experimental Development, Higher Education Organisations, Australia, 2012, www.abs.gov.au Appendix B: Percentage of Employed Coursework Postgraduate students that agree of strongly agree with the statement Fulltime Part-time My work commitments adversely affect my performance at uni 50.1 64.4 I Regularly miss classes because I need to attend paid employment 25.7 31.6 Chose work because it will progress my career goals 42.5 75.7 My work is of little value except for the money 40.4 15.8 Table 2: Compiled based on University student finances in 2012: A study of the financial circumstances of domestic and international students in Australia’s universities, from Universities Australia, 2013. Retrieved from https://www.universitiesaustralia.edu.au/news/commissioned-studies/Australian- University-Student-Finances-in-2012/Australian-University-Student-Finances-in-2012#.VNLQntKUcuc 18 Appendix C: Income Support Sources for Domestic Postgraduate Students Compared to Domestic Undergradaute Students in 2012 FT Coursework PT coursework FT PT Undergraduate Undergraduate students (%) students (%) students (%) students (%) Youth Allowance 22.7 1 33 3.3 Austudy 16.9 1.3 12.7 4.3 ABSTUDY 0.1 0.2 0.8 0.9 11.8 11 6.3 22.6 35.3 7.3 35.2 19 3.7 3.8 7.8 4.2 5.6 2.1 7.8 3.7 41.5 76.1 39 64.4 46.9 24.3 54.1 34.6 Other Government support Health care card Government Scholarship University Scholarship None of These Receive income support from family Table 3: compiled based on University student finances in 2012: A study of the financial circumstances of domestic and international students in Australia’s universities, from Universities Australia, 2013. Retrieved from https://www.universitiesaustralia.edu.au/news/commissioned-studies/Australian- University-Student-Finances-in-2012/Australian-University-Student-Finances-in-2012#.VNLQntKUcuc 19 Appendix D: Percentage of Domestic Postgraduate Coursework students that applied for government income support in 2012 and the success rate Domestic coursework (FT) Domestic coursework (PT) % Who applied for Youth Allowance 33 3.2 Received the full rate 47.1 15.9 Received the partial rate 25.5 20.3 Rejected 27.4 63.8 % Who applied for AusStudy 29.9 5.3 Received the full rate 43 16.2 Received the partial rate 15.5 15.3 Rejected 41.5 68.6 Table 4: compiled based on University student finances in 2012: A study of the financial circumstances of domestic and international students in Australia’s universities, from Universities Australia, 2013. Retrieved from https://www.universitiesaustralia.edu.au/news/commissioned-studies/Australian- University-Student-Finances-in-2012/Australian-University-Student-Finances-in-2012 20