Of critical importance to achieving our long term goals is the need to 'grow' our budget through income diversification. Our University will only enhance its world-class status in teaching, learning and research if it is both well resourced, and well managed by international standards. Our desire to increase our capacity to engage in global education by increasing our resources, is based on an understanding of the vital the role that higher education will play in the lives of individuals and in the capacity of nations in the century ahead.
But -- and it is a very big 'but' -- while our University is seen by many to be 'well off' by Australian standards, it must be remembered that the world's best universities (our international competitors) have per capita resourcing levels many times higher than those of our own institution. A fundamental element in our strategy for achieving international excellence is bridging this funding 'gap', so as to allow us to participate fully in the global knowledge revolution.
It is true that we have achieved a sound financial base from which to continue to build our international presence. This has been achieved by carefully building our reserves and distributing income only after making adjustments for national economic fluctuations. In 2000, we will be actively engaged in releasing our last undeveloped land holdings, the proceeds of which will be reinvested, and income derived from these investments used for University purposes.
Given a range of current funding constraints -- most notably a decline in the level of Federal Government support to higher education generally and the highly regulated nature of our sector -- it is vital that we increase and diversify the University's funding base.
Working with Senate, the Executive has defined a variety of budget strategies to be pursued, including increasing the level of research income to the University, particularly from international sources; and increasing income from fee paying programs, such as award courses for an increasing number of full-fee paying overseas students. We are particularly interested in expanding in the area of non-award courses (involving professional development).
To encourage support from our alumni (some 75,000 at 2000), as well as to increase bequests and benefactions, we have been proud to launch the Hackett Foundation, which provides creative ways for individuals and organisations to join in partnership with the University. Our hope is that the Hackett Foundation will be the mechanism by which our University will build a 'second endowment' that will be vital to support our presence on the global stage, and to provide all Western Australians with a strong and vibrant intellectual resource into the next century.
We are placing increased emphasis on strengthening partnerships and collaborative relationships with industry, and the State Government, across the range of our research and teaching programs. To make that a reality, we have held a major forward-looking review of 'research and innovation'. Experts from partner overseas universities which have a notably successful approach to industry, innovation, intellectual property and equity dividends have provided advice. In 2000, a major new set of initiatives will be launched through a new office of industry liaison and innovation.
Our ultimate aim in all these new initiatives is to build and diversify our funding so that we are able to be part of the knowledge revolution in an increasingly autonomous manner. | 