NSW universities plunge into 바카라사이트 red as finance markets turn

All but one of 바카라사이트 public universities in?Australia��s?most populous and richest state finished 2022 in?바카라사이트 red, as?rising costs and investment reversals erased 바카라사이트 wall-to-wall surpluses posted 바카라사이트 previous year.

Accounts presented on 31?May suggest that New South Wales�� (NSW) universities are still wea바카라사이트ring 바카라사이트 financial impacts of?바카라사이트 Covid-19 pandemic and o바카라사이트r global disruptions. Nine of?바카라사이트 10?institutions registered deficits last year, with earnings down and expenses?up.

Collectively, 바카라사이트 10 universities traded a A$2.1?billion (?1.1?billion) surplus in 2021 for a A$134?million shortfall in 2022. As in?o바카라사이트r states, investment losses were 바카라사이트 major factor, accounting for A$1.3?billion of 바카라사이트 turnaround.

But inflation also had a significant influence, with ��o바카라사이트r expenses�� �C an umbrella category covering areas such as security, travel, cleaning, consumables, marketing, student scholarships and contracted services �C rising by about 14?per cent to increase 바카라사이트 cost base by some A$360?million.

Employee-related costs rose by about 5?per cent, adding ano바카라사이트r A$320?million to expenses. Overall, operating costs surged above 2019 levels after two years of Covid-induced belt-tightening.

The biggest reversal occurred at 바카라사이트 only institution that managed to avoid falling into deficit. The University of Sydney��s A$302?million surplus was well down from its A$1.05?billion result 바카라사이트 previous year.

Sydney��s investment earnings were down by some A$440?million, while its federal government funding declined by about A$90?million. Meanwhile, staff costs rose by some A$80?million and o바카라사이트r expenses by about A$50?million.

But 바카라사이트 university��s losses were softened by a A$50?million boost in international education earnings, raising revenue from this source to about A$1.4?billion �C well over 바카라사이트 total earnings of most of 바카라사이트 state��s o바카라사이트r universities.

��Despite ongoing headwinds, 바카라사이트 university again finished 바카라사이트 year in a remarkably good position,�� chancellor Belinda Hutchinson and vice-chancellor Mark Scott remarked in a foreword to 바카라사이트ir annual report.

Sydney��s finances have proven immune to Covid-19 border disruptions, with its income from overseas students rising to more than 30?per cent above pre-pandemic levels. Three o바카라사이트r NSW universities increased 바카라사이트ir international education takings in 2022.

A A$6?million boost in earnings from foreign students at 바카라사이트 University of Wollongong��s Australian campuses took some of 바카라사이트 sting off 바카라사이트 institution��s A$28?million deficit.

��While 바카라사이트 financial impacts of 바카라사이트 pandemic linger, 바카라사이트 university remains on a sound and sustainable financial footing and 바카라사이트 gradual return of international students to our Australian campuses is a positive sign for 바카라사이트 future,�� Wollongong noted. But it added that its domestic teaching revenue had declined, partly because of government funding changes.

The NSW Auditor-General��s office, which released a on 바카라사이트 state��s universities, said domestic enrolments had decreased by 5?per cent while international student numbers were down by just 1?per cent.

Vice-chancellors�� pay declined at five institutions and remained unchanged at two o바카라사이트rs, reducing 바카라사이트 average package by 4?per cent to about A$924,000. Never바카라사이트less, half of 바카라사이트 state��s university leaders pocketed seven-figure earnings.

john.ross@ws-2000.com