This paper presents estimates of the financial returns to the graduate, to the Treasury and to the Australian economy from undergraduate education. In addition, the paper indulges in some speculations about the efficiency of the policy changes.

This paper re-examines criticisms made of vertical fiscal imbalance in Australian and other federations. We argue that one of the central criticisms made of vertical fiscal imbalance is unproven. Vertical fiscal imbalance occurs when the central government collects more taxes than it spends on...