Latest news with #JohnQuiggin
Daily Mail
10 hours ago
- Business
- Daily Mail
Australian universities suffer a dramatic fall in global rankings
Australia's reputation in global higher education has taken a major blow, with the 2026 QS World University Rankings revealing a steep decline for more than 70 per cent of the nation's universities. A total of 25 Australian universities dropped in rank this year, with only two now remaining in the world's top 20. The University of Melbourne continues to lead domestically but fell six spots to 19th globally, down from 13th last year. The University of New South Wales also declined slightly, slipping from 19th to 20th. The University of Sydney suffered the most significant fall among the top-tier institutions, dropping seven places from 18th to 25th, removing it from the prestigious global top 20 altogether. Monash University was the only Australian university to improve its standing, edging up from 37th to 36th. Angela Calderon of RMIT University, a member of the QS Global Rankings board, described the rankings as 'a wake-up call' in an interview with the Sydney Morning Herald. 'We are experiencing an acceleration in the pace of change in higher education globally. Universities from emerging, middle-income economies and Asian countries are now global standouts,' Calderon said. The rankings arrive amid growing criticism that Australia's university sector is failing to meet the evolving needs of students and society. Professor John Quiggin, an economist at the University of Queensland and author of a recent report for the Australia Institute, was scathing in his assessment. 'Australia's universities are plagued with scandal and failing dismally,' he said. 'Australian universities are overseen by Vice-Chancellors who are paid vast sums of money, yet they are presiding over a sector which is failing staff, students and the broader community,' Quiggin added. The sector has also drawn fire for its heavy reliance on international student enrolments, which provide a major source of revenue due to significantly higher tuition fees. Government data shows 1,095,298 overseas students were enrolled in Australian universities, colleges, and schools in 2024, a 13 per cent increase from 969,307 in 2023. In response, the federal government has implemented measures to curb international enrolments, aiming to reduce the number to 270,000 this year. Despite the surge in student numbers, Australia ranks poorly on staff-to-student ratios, sitting 26th lowest in the world. This follows years of staff cuts across the university sector. Western Sydney University recently became a flashpoint for growing unrest, with protests erupting after it announced hundreds of job losses due to a 'large deterioration' in enrolments. The university forecasts a deficit of $79 million by 2026. Similarly, the University of Technology Sydney has announced it may cut up to 400 positions as part of a $100 million cost-saving drive. Macquarie University meanwhile also announced course cuts and reduction in staff, which would see around 75 jobs go. The QS World University Rankings is published annually by global higher education analysts QS Quacquarelli Symonds. It is based on data from 8,467 institutions, insights from 127,041 academics and 82,096 employers, and analysis of 19.8 million academic papers and 200 million citations.
The Guardian
12-03-2025
- Business
- The Guardian
Donald Trump's tariffs are disrupting markets around the world – here's why it could be hurting your super
The Trump administration has imposed taxes on imports from a number of important trading partners, prompting fears of a global trade war. This is creating major disruption in global share markets, including in Australia, which is having a flow-on effect on superannuation balances. Why is this happening? And what can you do about it? Sign up for Guardian Australia's breaking news email The Trump administration has imposed taxes on imports from a number of important trading partners, prompting fears of a global trade war. This includes new tariffs of 25% on all imported steel and aluminium, including against allies and major suppliers Canada and Mexico. The Trump administration rejected Australia's plea for an exemption from the tariffs on steel and aluminium imports, which came into effect on Wednesday. Trump's tariff regime is set to expand to other sectors, such as agriculture and pharmaceuticals, in coming months. John Quiggin, a professor of economics at the University of Queensland, said the immediate effect of the tariffs would be on steel and aluminium companies that export to the US. He said there was 'probably no need to panic' but Australians should expect the economy to 'do a bit worse than it would have' otherwise. 'The bigger thing is that what Trump has been doing is disrupting the global economy and that will have effects everywhere,' Quiggin said. 'In general, the perception at the moment seems to be this is just not so much specific actions that will harm some companies, but just general chaos.' The uncertainty has thrown share markets in Australia and abroad into turmoil. US stocks had their worst day of the year on Monday amid fears of a recession, before the Australian market shed more than $45bn on Tuesday. Superannuation portfolios typically contain international and domestic shares. So, if things are bad for the share market, then that affects the value of superannuation portfolios. Research by SuperRatings found monthly Australian superannuation returns turned negative in February. The research company said that, the tariffs on China and potential flow on effects to the Australian economy influenced share expectations, offsetting any potential benefit from the Reserve Bank's decision to lowering interest rates last month. The Association of Superannuation Funds of Australia chief executive, Mary Delahunty, said the US S&P500 stock exchange had fallen by about 9% from its recent highs in mid-February and the Australian market had decreased by a similar degree. 'Falling share prices in the US – and across the globe – are a matter of concern to those who are exposed to investments in shares,' she said. 'Given uncertainty around the shape and impact of US trade policy, further volatility in share prices is likely.' Delahunty said people should remember that superannuation was a 'long-term savings vehicle'. Graham Cooke, head of consumer research at Finder, said Australians may already see a change to their super balances but, like Delahunty, it was the 'long term that matters'. 'The Australians who are most at risk are those who will need to retire soon,' he said. '[For those] who aren't retiring for a while, there's time for this to recover, but how they have their super allocated will make a difference.' Cooke said it was 'early days' but 'if the markets keep crashing that's when things start getting worrying'. He suggested people who needed to access their super soon, or those who were especially concerned about the volatility in the market, consider allocating a higher proportion of their portfolio to a lower risk profile. 'The problem there is that when the market starts to recover, the super profile might move back slower,' he said. 'It depends when people are thinking of retiring.'
