Complex sentence: It was defended by Menzies, but in 1954 he announced that it had entered a period of consolidation, with a funding ceiling, ending the possibility of successful competition with universities in Europe and North America.
Split into simpler sentences: It was defended by Menzies, but in 1954 he announced that it had entered a period of consolidation, with a funding ceiling. This ended the possibility of it competing with universities in Europe and North America.