The memorandum of understanding was signed by both parties in Sydney on Wednesday. It said they shared a commitment to academic freedom.
"[It will be] consistent with UQ maintaining autonomy over all key governance arrangements,"the memorandum said.
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University of Queensland vice-chancellor Peter Hoj said the investment came at a time when opportunities to fund the humanities were diminishing.
"What we have ahead of us is a transformational opportunity for talented future students who will be able to pursue a liberal arts education that will be both challenging and rewarding,and will equip students with the collaborative and persuasive skills to bring about meaningful change,"he said.
The deal will include funding for at least 150 scholarships of about $30,000 a year for successful applicants.
"We are delighted to be partnering with UQ,which is ranked in the world’s top 50 universities,"a statement from the Ramsay Centre for Western Civilisation said.