Today's release by Graduate Careers Australia (GCA) of their Postgraduate Destinations 2006 report affirms the value of a university education and the additional value of postgraduate study to students, employers and the economy alike.
Universities Australia Chair Professor Gerard Sutton said today the report confirms a clear trend that university study leads to higher salaries and lower rates of unemployment.
"Employers recognise the value of university study in boosting the productivity of the workforce, and are renumerating qualified staff accordingly.
"The GCA's survey found that graduates entering their first full-time job with a coursework masters degree had a median starting salary of $50,000, compared to $47,000 for those with a postgraduate diploma or certificate, and $40,800 for those with a bachelors degree," Professor Sutton said.
The survey also found that 89.9% of postgraduates were in full-time employment four months after graduating, up 1.1% on last year.
"The latest GCA data are supported by Australian Bureau of Statistics estimates that put unemployment for 15-64 year olds holding a bachelors degree or higher at just 2.4%, compared to 7.3% for those without a tertiary qualification," Professor Sutton said.
"The link between education and earning power is affirmed by the OECD's Education at a Glance economic indicators released last week, which show that Australians aged 25-64 with university qualifications are earning 39% more on average than those who leave school and do not go on to tertiary studies.
"Recent policy announcements by political parties across the spectrum provide welcome recognition of education's role as a principal driver of economic growth.
"Universities Australia believes that public funding for universities should be viewed as an investment in the nation's prosperity, not as a short-term cost," Professor Sutton added.
Universities Australia urges all political parties to support major re-investment in core university teaching, to adequately complement investment from non-government sources.
"This will ensure that Australia continues to produce highly skilled and work ready graduates that will strengthen the Australian economy," Professor Sutton said.
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