The Government is introducing performance funding to drive innovative institution-led solutions to improve teaching quality, participation, student engagement and completion rates.
The future of Australia's higher education system rests on its quality and reputation. The new funding model will be underpinned by a more robust quality assurance process.
An independent national quality and regulatory agency, the Tertiary Education Quality and Standards Agency (TEQSA), will be established to oversee the new framework for quality assurance and regulation. TEQSA will accredit providers, carry out audits of standards and performance, and streamline current regulatory arrangements and provide for national consistency.
Australia currently lags behind our competitors on a number of student satisfaction indicators and education outcomes. To improve standards and outcomes, the Government will invest $206 million over two years to introduce performance funding from 2012.
The Government will set agreed performance outcomes across teaching quality, participation, student engagement and completion rates; with reward funding attached to the targets. TEQSA will provide an independent assessment of whether agreed performance targets have been met.
Australian Survey of Student Engagement 2007