UNSW launches 2025 strategy as report shows unis are a smart investment

UNSW has launched a 10-year strategy to position itself as Australia’s global university, among the best in the world.

Announcing the plan today, UNSW President and Vice-Chancellor Professor Ian Jacobs said the UNSW 2025 Strategy sets out the priorities and themes that will guide UNSW over the next decade.

“We aspire to be in the world’s top 50 in the belief that a great university, which is a global leader in discovery, innovation, impact, education and thought leadership, can make an enormous difference,” Professor Jacobs said.

“UNSW’s ambition for the next decade is to be a global leader of change and innovation with an altruistic wish to improve people’s lives through academic excellence, social engagement and global impact.”

The University’s 2025 strategy is supported by new research from a UNSW-commissioned Deloitte Access Economics report, The Economic Contributions of Australia’s Research Universities, the UNSW example, also released today.

UNSW President and Vice-Chancellor Professor Ian Jacobs

By quantifying the contribution of university research to the economy, the study finds universities will play an increasingly important role in driving innovation, productivity and increased living standards over coming decades.

The research output of UNSW alone is estimated to have contributed $15 billion to the Australian economy last year. The university sector as a whole contributed some $160 billion in knowledge and technology, or about 10% of GDP. This is more than Australia’s entire mining sector.

As part of the study, case studies in solar cells, membrane filtration and image compression software from UNSW’s Faculty of Engineering were used to illustrate the impact of research.

“In pure economic terms, universities are a smart investment. They are essential for driving innovation, productivity and jobs for the future. Rather than being a funding challenge, universities are a key economic and social solution,” said Professor Jacobs, supporting calls by Universities Australia for “game-changing” investment in universities to drive economic transformation.

Economic modelling conducted for the first time demonstrates future investments in Australia’s university sector will result in significant returns to the economy and society.

Deloitte Access Economics estimates a return on investment in university research of between $5 and $10 for each dollar invested, equating to an annualised return rate of 60-100%. In comparison, the annualised return on paying down government debt is 1.5%, while the historical average return on private investment is around 7%.

Other key findings include:

• UNSW’s day to day operations and capital expenditure generated $1.76 billion in economic activity in 2014, creating 11,700 full-time jobs.
• More than $204 million per annum is added to the economy from the 4,900 UNSW students who graduate every year.
• Australia-wide, skilled graduates added $140 billion to the economy in 2014 by raising the skill level and productivity of Australia’s workforce.
• A 10% increase in university research spending would deliver a third of the productivity growth required to maintain Australia’s living standards to 2050.

Professor Jacobs said the Deloitte Access Economics report was a “timely contribution” to the national debate.

“I welcome the Turnbull government’s focus on re-energising the science, research and innovation agenda.

“As Australia positions itself to take advantage of the knowledge economy, governments and industry will look to our leading universities to provide the skilled graduates and research required to translate great ideas, discovery and knowledge into activities that lead to social progress and economic prosperity.”

Professor Jacobs said the dividends paid by smart investments in universities went far beyond dollar measures.

“As our 10-year plan highlights, what universities and graduates contribute to society is far more than our economic impact. It is about the benefits of our engagement, encouraging inquiry, improving social cohesion and adding to civic society.”

Professor Jacobs said UNSW was proud of the ambitions laid out in its 2025 strategy, the result of a wide-ranging White Paper consultation process with staff, students, alumni and the wider university community.

He said the strategy built on three equal strategic priorities that are the hallmarks of a great, forward-looking 21st century university: a drive for excellence in research and education; a passion for social justice and engagement to improve lives; and a commitment to achieving global impact through powerful partnerships and by working with disadvantaged and marginalised communities.

“Above all, this is a plan for action. The goals reflect the long-standing values of the UNSW community and we will deliver them through a steady, planned and determined process over the next 10 years.”

READ MORE Ian Jacobs opinion piece: Universities give back far more than they take so let's increase research funding UNSW 2025 Strategy: Read or download the plan here  Australian universities – A smart investment: Read or download the Deloitte Access Economic Report here