This document details the next steps the Government is taking to implement the Australian Universities Accord (the Accord) as part of the Mid-Year Economic and Fiscal Outlook 2024–25. It outlines the Accord's reform to date and the economic impact of delivering on the Accord's targets. 

Key reforms

• Establishment of the Australian Tertiary Education Commission to advise on and implement tertiary education reform, drive growth through equity and ensure national skills needs are met.
• The introduction of needs-based funding, a new approach to equity funding for higher education, to provide more funding to publicly funded higher education providers to help students from low socio-economic status backgrounds, First Nations students and students studying at regional campuses to graduate.
• Implementation of a new managed growth funding system for Commonwealth supported places for higher education institutions.
• A 20 per cent reduction in all student debts.