Parliament approves around $3 billion each year for tertiary education through the Budget. Most of this funding is appropriated, or made available, through Vote Education. The Ministry of Education is the lead agency for the education sector.
We also administer some funding on behalf of other government agencies such as the Ministry of Social Development, or Immigration New Zealand.
The Budget process is co-ordinated by The Treasury on behalf of the Minister of Finance and generally takes place in May each year. We allocate most tertiary education funding to TEOs primarily through Investment Plans which, in many cases, cover multiple years. In these situations we provide indicative information about future years’ funding.
Each year we provide information to TEOs about the impact of the current Budget on future funding. This may affect our earlier indications of future funding. All our funding decisions are dependent on Parliament voting for the annual appropriation.
27 October 2009