Queensland prepares $150 million rescue package for state's struggling universities

Universities across Queensland that have been impacted by the downturn prompted by coronavirus will get access to a loans package worth $150 million.

Qld universities

Queensland universities will receive $150 million in loans due to the coronavirus pandemic impact. (AAP)

The Queensland government will offer $150 million in loans to the state's university sector, which has suffered in the wake of the coronavirus pandemic.

"Thousands of people right throughout regional Queensland rely on universities for a job," Premier Annastacia Palaszczuk said on Sunday.

"This package will help to keep all our universities open, safeguarding these jobs."

Universities will be able to apply for loans with five-year repayment terms to support cash flow, retain workers and maintain research projects.

Queensland universities, and universities across the country, have lost revenue during the pandemic after Australia's borders were shut, restricting the movement of international students.

The Queensland university sector has said it will lose more than $1 billion this year, putting 4000 jobs at risk.

Until the pandemic hit, the international student market in the state was worth $3 billion a year.

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Published 2 August 2020 at 10:18am, updated 2 August 2020 at 11:12am
Source: AAP -SBS