Students who graduate from elite universities do not earn any more over their lifetimes than if they had attended a less prestigious technology university, a new report reveals.

The Grattan Institute report, Mapping Australian Higher Education, finds that the choice of university degree has a strong effect on lifetime earnings but that the choice of university has relatively little impact.

An undergraduate in commerce at UTS will earn just as much as one from the University of Sydney.

The report finds that students graduating with an undergraduate commerce degree from a technology university such as the University of Technology Sydney or RMIT University will earn $3.2 million over their lifetime. This is the same amount as graduates from prestigious institutions such as the University of Sydney or the University of Melbourne once the graduates' socioeconomic background is taken into account.

This is despite the elite Group of Eight universities boasting higher entrance scores and performing better on international rankings.