The Melbourne Newsroom

Inspiring the next generation of scientists will be the focus of an innovative education initiative – a science sub school located at the University of Melbourne, with $7million in funding announced today by the Victorian Minister for Education, Ms Bronwyn Pike.

Professor Lyn Yates says funding for school buildings and facilities will help improve student morale and retention rates.

In today’s state budget, the Victorian Government has allocated $402 million toward the rebuilding and renovation of 113 state government schools across the state. These funds will be combined with the Federal government’s allocation of $686 million for Victorian schools’ infrastructure projects.

Dr Sam Wylie says that IMF predictions of a growth phase in the world economy in 2010 are off the mark, and says Australia should expect a long but shallow recession. 

"The financial crisis is going to take between $40-$60 billion out of Government revenues.  We should expect to see big defecits in Australia, with total government debt around $200 billion at the end of 2012, where at the moment its about $50 billion."