The Economic Impact of Swinburne University of Technology, Lilydale
Research
into the economic impact of Swinburne University of Technology,
Lilydale has been undertaken as part of the Growth and Development
Partnership between Swinburne and the Shire of Yarra Ranges.
The purpose of this study is to provide an assessment of the
current economic impact which will be used to support the
formation of university town and regional development strategies.
Research demonstrates that universities contribute to regions through four main avenues:
- Universities earn income, spend that income and attract students who also spend. This has direct and multiplier or flow-on effects.
- Universities undertake research and development that could be focused on regional issues and/or have commercial application.
- Universities educate the labour force. This in turn can assist in attracting industry to a region and assist in the cultural and social development of the region.
- Universities can contribute to the social and cultural
life of the region. They provide infrastructure, fulfil
community service obligations and provide community volunteers.
The methodology used to assess economic impact in the study is modelled on existing Australian studies of the economic impact of a university although the majority of these studies estimate State-wide rather than regional impact. For the purpose of this study, empirical research has been undertaken in order to determine the value of university expenditure and staff and student spending in the region.
Summary of Economic Impact
Direct Impact |
|
Value of Infrastructure |
$52,177,000 |
Swinburne expenditure |
$14,591,158 |
Staff Expenditure |
$354,854 |
Student expenditure |
$1,640,874 |
Project funding |
$675,486 |
International students |
$234,405 |
|
$69,673,777.00 |
Indirect Impact |
|
Expenditure Multiplier |
$8,462,871 |
Enhanced Human Capital Value (excluding TAFE) |
$36,067,680 |
Volunteer Hours |
$22,750 |
|
$44,553,301.00 |
Total Impact Identified |
$114,227,078.00 |
Not quantified
Industry training and work-related learning, Community use, Growth and Development Partnership, Value of University staff consulting.
Growth and Development Partnership
No attempt has been made to quantify the value of the partnership or the flow on effects of educational and project activity directly attributed to the partnership at this point. However it is noted that the research demonstrates that where there are high levels of engagement with the local community there will be a higher proportion of local students undertaking higher education, as well as additional social and cultural interaction. "At the highest level of engagement, universities connect in a strategic, whole-of -institute way by providing an on the ground package of leadership, infrastructure, collaboration and multi-disciplinary research and teaching targeted at areas of regionally identified economic development priority". The Growth and Development Partnership is demonstration of the highest level of engagement.
The report The Economic Impact of Swinburne University of Technology on the Shire of Yarra Ranges is available in PDF format.