I also rise to speak on the Universities Accord (Opening the Doors of Opportunity) Bill 2026. The Australian Universities Accord final report was released in February 2024 and outlined the blueprint for higher education reform over the next decade and the decade after that. Over the next few decades, the University Accord says that the number of people in the workforce with a certificate, a diploma or a degree will need to increase by about 80 per cent—that means more people at TAFE and more people at university. It is critical that, as a government, we act now to help set up our tertiary education system to deliver on Australia's future skills needs.

The Australian Universities Accord final report found that significant changes are needed in Australian higher education to produce the skills, knowledge and intellectual ambition to meet the challenges that Australians face now and into the future. The Australian Universities Accord recommended adopting a new funding model for higher education that is planned and managed by the ATEC through mission based compacts. It also recommended increasing the number of higher education students from underrepresented backgrounds, matched by a focus on the success of these students.

This bill directly responds to the recommendations and findings of the accord by enshrining a needs based funding model in legislation to help support students from low SES backgrounds, First Nations students and those studying at regional campuses to get into university, complete their studies and graduate with a qualification. The bill also embeds the new managed growth funding system to support growth in domestic students and formalises the role of the ATEC in allocating Commonwealth supported places and international student places.

The new managed growth funding system will effectively uncap the number of places for students from low socioeconomic backgrounds and regional areas. The new system will address existing issues in the higher education funding system and will better align Commonwealth funding with enrolments. As a result, it is estimated that an extra 230,000 domestic students will commence university over the next decade.

Demand-driven needs based funding will provide extra support to students who come from economically disadvantaged backgrounds, First Nations students and students studying at regional campuses. Under this new needs based funding system, the amount of funding per student will more than double next year, in some cases. That's extra funding universities will be able to put towards things like tutoring, mentoring and other academic support; direct financial assistance, like scholarships and grants; and offsetting the higher costs of campuses in regional and remote areas.

These changes inject an additional $3.6 billion into Australia's higher education system over the next decade to increase the number of students at university and to meet Australia's future skills needs. These measures have the potential to be truly life-changing. They change the course for so many young Australians who recognise and want to access higher education and all that it can offer. Of course, not every Australian wants to go to university, and that's fine. For those who do, their ability to access higher education should not be defined by where they live or where they were born. This is about fairness, and it's about creating a more sustainable, more equitable education system for all of those Australians who choose to access it.

The Senate Education and Employment Legislation Committee, of which I am chair, conducted an inquiry into this bill. The inquiry spanned two months and received 62 submissions from a diverse range of stakeholders, including public universities, peak bodies, and staff and student representative organisations. I would like to thank all of the senators who participated in this inquiry. I thank Senator Faruqi, who is in the chamber, for her constructive engagement with it. I'm not sure if I'm allowed to reflect on you, in the chair, Senator O'Sullivan—