Canberra, Jul 19 (IANS): A major government-funded review of Australia's universities on Wednesday called for bold reforms to prepare the future labour force with the necessary skills.

The Australian Universities Accord, established in November 2022, published its interim report earlier in the day, recommending "bold, long-term change", reports Xinhua news agency.

According to the report, 55 per cent of Australian jobs could require a university degree by 2050 compared to 36 per cent currently.

In order to meet the growing demand for skilled workers, it said universities must make more places available for students from lower socio-economic backgrounds.

As priorities, the report recommends changes to help universities retain staff and that the government abolish a rule requiring students to maintain a 50 percent pass rate in order to be eligible for commonwealth student loans.

"Governing bodies must as a priority do more to improve student and staff wellbeing and become exemplary employers," the report said.

"Change in the sector must be significant. Complacency cannot be tolerated."

The review recommends that universities enroll Indigenous students who meet academic entry standards, with their places subsidised by the government.

It projects that the change could double the number of Indigenous students starting university by 2034.

Responding to the report in a speech to the National Press Club, Education Minister Jason Clare said the government was committed to enacting change.

"Only 15 per cent of people from poor families have a university degree today, and it's even lower if you are Indigenous," he said, adding that the only way to truly usher in the change was to significantly increase the number of university students from the suburban, regional, poor, and Indigenous background and those with a disability.