Financing of Australian higher education has undergone dramatic change since the early 1970s. Although the Australian Government provided regular funding for universities from the late 1950s, in 1974, it assumed full responsibility for funding higher education - abolishing tuition fees with the intention of making university accepted to all Australians who had the ability and who wished to participate in higher education. Since the late 1980s, there has been a move towards greater private contributions, particularly students fees. In 1989, the Australian Government introduced the Higher Education Contribution Scheme (HECS) which included a loans scheme to help students finance their contributions. This enabled universities to remain accessible to students by delaying their payments until they could afford to pay off their loans. In 2002, the Australian Government introduced a scheme similar to HECS for postgraduate students - the Postgraduate Education Loan Scheme (PELS).
According to the text, what can we conclude about the financing of Australian higher education?