Q: Which Ministers are responsible for the HEEF?
The Minister for Education, Employment and Workplace Relations, and the Minister for Innovation, Industry, Science and Research are jointly responsible for making decisions under the HEEF Acts. Responsibility for the HEEF Advisory Board and HEEF programme management remains with the Department of Education, Employment and Workplace Relations.
Q: Will the HEEF require legislation to be passed by Parliament?
Yes. The Higher Education Endowment Fund Bill 2007 and the Higher Education Endowment Fund (Consequential Amendments) Bill 2007 were introduced into parliament on 16 August 2007 and received Royal Assent on 24 September 2007.
Q: How will the HEEF be managed?
The $6 billion capital component of the HEEF will be managed by the Future Fund Board of Guardians under a specific HEEF investment mandate. The dividends earned from this investment will be made available to fund capital and research facilities projects, as determined by the Minister for Education, Employment and Wokrplace Relations, and the Minister for Industry, Innovation, Science and Research.
Q: How much money is the government expecting to distribute each year?
Dividends available to be distributed will be dependent on the financial market and the returns generated. Initial estimates released as part of the 2007 Budget suggest they may be in the order of $300 million per annum over 2008-11.
Q: How was the Advisory Board selected?
The then Minister for Education, Science and Training appointed HEEF Advisory Board.
The Board currently has a Chair and six members, including the Chief Scientist of Australia and the Secretary of Department of Education, Employment and Workplace Relations participating in an ex officio capacity.
Members were be selected on the basis of their knowledge of the Higher Education sector and on the basis that there were no conflict of interest – as such, no current Chancellors or Vice-Chancellors will be considered.
Membership can be found on the Advisory Board page.
Q: Who was asked for nominations for the Advisory Board?
The Secretary of the then Department of Education, Science and Training asked four peak sector bodies for suggestions – Universities Australia, the Universities Chancellors Council, the National Academies Forum, and the Business-Industry-Higher Education Collaboration Council.
Q: When will the Advisory Board be appointed?
The then Minister for Education, Science and Training announced the Advisory Board on 3 October 2007.
Q: Who is eligible for HEEF funding?
Institutions eligible to apply for HEEF funding are those listed in Table A and Table B of the Higher Education Support Act 2003.
Q: What will the HEEF fund?
The HEEF will fund capital expenditure and research facilities for the Australian higher education sector.
Q: When will HEEF funding be available?
The first round of HEEF funding will become available in the 2008-09 financial year.