LA TROBE University has welcomed the state government's new investment in Victorian universities.
The government announced on Tuesday it would provide $350 million to universities across the state for capital works, applied research, and research partnerships.
La Trobe confirmed it would receive some of the funding, although it was yet to receive any detail about how the funding would be distributed.
"I am deeply grateful to the Victorian government for acknowledging the pivotal role universities play in assisting economic recovery, in educating and re-skilling the workforce, and in conducting life-changing research for which we are globally recognised," La Trobe Vice-Chancellor John Dewar said.
"By focusing on investment in strategic research, the funding will help fill at least some of the significant funding gap caused by a substantial drop in international student revenue.
"Funding for capital projects and research infrastructure will in turn lead to industry and innovation partnerships, creating jobs and economic return on investment both in Melbourne and across regional Victoria."
The state government also offered universities payroll tax deferrals, valued at around $110 million, to help with the shortfall institutions were facing due to the pandemic.
A La Trobe spokesperson said the university would take up the government's offer, which would save institution about $10 million per year.
"The savings would assist towards saving some jobs but we still face a significant financial shortfall," the spokesperson said.
Professor Dewar last week told staff the institution was facing a shortfall of between $33 million and $63 million in 2020, and between $80 million and $115 million in 2021.
He said that was the financial equivalent of between 200 and 800 jobs in the next two years.
The National Tertiary Education Union and the university sector have agreed to the National Jobs Protection Framework, which could save about 12,000 jobs nationally.
A La Trobe spokesperson said the university was waiting for details to be finalised within the proposed agreement.
"Once the agreement is finalised, La Trobe will consider which of the measures in the framework will be suitable a vote by all La Trobe staff," the spokesperson said. "We expect the staff vote to take place within the next few weeks.
"If La Trobe staff support the proposed measures, these will be treated as a time limited variation to the LTU Collective Agreement.
"We estimate that the variations contained in the framework have the potential to contribute in the region of a further $30 million in savings for the rest of this calendar year.
"This level of saving has the potential to protect a significant number of jobs. The rough financial equivalent of $30 million is about 200 jobs
"A similar quantum of savings could be delivered in the first half of 2021, and then again in the second half of 2021, if La Trobe and the NTEU agree to extend the variation beyond June 30, 2021."
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