CQUniversity Australia (Investment Decision July 2020). NAIF's loan of up to $76 million was made available to fund a package of capital expenditure programs at the university over two years. Contractual close was reached in November 2020.
About the Project
NAIF’s support is funding new construction works, upgrades and refurbishments across university campuses in the north, as well as new and upgraded digital platforms to improve delivery of remote learning.
NAIF stepped in with financial assistance to preserve the CQU capital expenditure program after CQU projected a shortfall in future revenue caused by a sudden drop in international students due to the COVID-19 pandemic. With NAIF support, building works will be carried out at CQU sites in Townsville, Mackay, Rockhampton, Emerald, Cairns, Gladstone, Charters Towers, Broome and Karratha. The majority of the digital works will be undertaken at the university’s Rockhampton headquarters and the home of the CQU information technology department.
CQU have committed to deliver an Indigenous Engagement Strategy that embeds a continued development and delivery of University-wide strategies focusing on increasing First Nations access to education, employment, community engagement and enterprise across the CQU footprint.
Economic Impact and Public Benefit
The university forecasts that maintaining its plans for capital expenditure will contribute to supporting up to 187 direct and 287 indirect jobs within the Northern Australia region over a two-year period, with a further 200 jobs saved. Total public benefit over the two years is forecast at $72 million. NAIF’s support will provide students from the regions continued opportunities to gain a tertiary or vocational qualification in the region rather than having to move to southern capitals for tertiary or vocational education.
CQUniversity’s Vice-Chancellor and President, Professor Nick Klomp:
“CQUniversity is intent on thriving, not just surviving, after the impacts of COVID-19, so we need to continue to invest, to keep delivering world-class education, training and research for years to come.
“That’s why we’re leveraging the NAIF loan to invest in capital works and digital infrastructure that will improve the student experience, enhance the quality of teaching and learning, and create new economic opportunities for the regions we serve.
“This is an exciting time to be a regional university and I thank the Commonwealth for their support, as we continue to build a university that will help propel the future prosperity of Northern Australia.”
Related case studies
Investment Decision November 2019