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The Australian research evaluation system (RES) is unique in its exclusive reliance on a funding formula. For each university, statistics on income from competitive research grants, numbers of publications, numbers of current research students (Masters and PhD students), and timely completions of Masters and PhD studies are collected and research component of university funding has developed into an allocation of three national competitive grants, including the Institutional Grants Scheme (IGS), Research Training Scheme (RTS), and Research Infrastructure Block Grant (RIBG), which use the indicators with different weightings as shown in table 1.