Investment in tertiary education contributes to social and economic development in a country. In 2008 Australia increased university funding from 1.6% of GDP to 2% of GDP, and increased the share of Commonwealth government grants up to 50% from 42%. This contributed to a 5.8% gain in real GDP and a 5.2% gain in living standards.
(https://bit.ly/3bNm5y3, http://bit.ly/2PWxZNq, https://bit.ly/2OPELnI)