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University Pours Millions into the Region
22 July 2006
Universities are now widely regarded throughout the world as the
key to the 'knowledge society'.
Trends indicate clearly, for example, that around 80 percent of
fundamental research is undertaken in universities, between 30
percent and 40 percent of active researchers are in universities,
graduate unemployment is increasingly rare, and graduates are
accounting for the occupation of over half the new economy jobs
that are being created every year.
Regional governments in Europe are thus increasingly investing
in their own region's university to increase economic activity even
further. No sensible policies any longer accommodate various forms
of taxes on universities, because all those universities that are
successful, multiply the returns to their local communities many
fold. Taxing them simply limits their capacity to generate wealth,
which public universities do more effectively than any other
institution.
For these reasons, 'third stream' funding has been the subject
of international discussion, and adoption in some advanced
countries. This funding from governments is to encourage further
'engagement' activities, in addition to teaching and research,
hence 'third stream'.
At present universities are not directly funded for regional
engagement, yet USC has spent millions of dollars of scarce
resources, including loans, to catalyse local cultural and economic
activity.
Quite apart from capital infrastructure like the Innovation
Centre, the sports facilities, and the Art Gallery, the University
also spends annually hundreds of thousands of dollars sponsoring
community events or supporting worthy organisations or
individuals.
I know of no other university in this country that puts so much
money into the regional community, relative to its size and
resource base, than USC.
We have for years wanted to measure exactly what the impact of
the University has been, and soon we will have completed initial
work to demonstrate clearly that the University is making a huge
contribution across key areas, particularly of economic
activity.
We cannot yet match the power of a Cambridge University to
unleash research capacity, but the growth of research activity,
related to regional needs has a firm foundation at USC, and the
21st Century will undoubtedly see the University emerge as a force,
not just regionally, but in connecting this region to the
world.
Maximising the potential of this strategy resides in working in
even closer partnerships with governments and organisations, and
minimising duplication and fruitless competition for long-term
community benefit. Europe in particular, provides powerful evidence
of these regional trends and their successes.
Professor Paul Thomas is Vice-Chancellor of University of
the Sunshine Coast