CANBERRA, May 26 (Xinhua) -- Australia stood to be 100 billion dollars (82.5 billion U.S. dollars) richer and have 500,000 more people in work each year if the federal government meet all its long-term educational goals, Education Minister Julia Gillard said on Wednesday.
Gillard has released external modeling assessing the economic impact of education reform on the country by the year 2040.
"The modeling shows that by 2040 if we achieve these goals, the national economy will be better off by more than 100 billion dollars (82.5 billion U.S. dollars) a year on average," Gillard said during an address to the National Press Club in Canberra.
"And more than 500,000 people in work in every one of those years, compared to the base line of what would otherwise happen."
The government has set out a list of stated aims it wants to meet by the year 2040.
It included a system of paid parental leave, an increase to the childcare rebate to 50 percent and outcomes from early childhood programs.
By the year 2015, it wanted 90 percent of the population to have completed year 12, and 40 percent to have completed a university degree by 2025.
Gillard also hope to halve the proportion of 20- to 64-year- olds without Certificate III qualifications.
The KPMG EconTech modeling, commissioned by the government, showed there were huge potential gains if the government succeeds, Gillard said.
"Lack of education is hurting the life chances of Australians today," Gillard said.
"In the future, lack of skills and qualifications will harm individuals even more, with around 60 percent of new jobs projected to need higher levels of skills."