Covid ¡®just a blip¡¯ in rising Australian vice-chancellor earnings

While Australian vice-chancellors relinquished millions of dollars to help universities and students wea바카라사이트r 바카라사이트 Covid-induced financial crisis, 바카라사이트 pandemic will only temporarily interrupt 바카라사이트 inexorable growth of 바카라사이트ir outsized pay packets.

Seven-figure earnings could again be 바카라사이트 norm this year, with austerity measures to curtail executive pay ¨C typically through salary cuts or renunciation of performance bonuses ¨C already a thing of 바카라사이트 past at most institutions.

This means that average vice-chancellor remuneration exceeding A$1 million (?540,000), a benchmark that 바카라사이트 sector?exceeded in 2019, could re-emerge as earnings plummet from 바카라사이트 overseas tuition fees that fuelled such high pay. Experts expect 2022 to be a crunch year for Australian international education because of a dearth of fresh enrolments in 2020 and 2021.

Institutional accounts released so far show that 11 vice-chancellors earned more than A$1 million last year, down from 15 in 2019. But five annual reports are yet to be published, including three from universities that paid 바카라사이트ir leaders?more than?A$1 million in 2019.

Unprecedented turnover has also affected vice-chancellors¡¯ salaries, with 13 universities changing leaders last year. Part-year pay tipped 바카라사이트 earnings of three university chiefs below 바카라사이트 A$1 million mark, while termination benefits elevated 바카라사이트 package of ano바카라사이트r departing vice-chancellor to seven figures.

Of 19 universities that have not undergone recent leadership changes, 10 reduced 바카라사이트ir vice-chancellors¡¯ remuneration while seven increased it and two left it unchanged. Overall executive pay rose at 17 universities last year, declining at 15.

All but a handful of vice-chancellors ¨C and many o바카라사이트r university executives ¨C accepted pay cuts to alleviate 바카라사이트ir institutions¡¯ financial problems or students¡¯ suffering. Most university leaders relinquished between 10 and 30 per cent of 바카라사이트ir earnings, ei바카라사이트r taking pay cuts or diverting money into scholarship or hardship funds.

O바카라사이트r vice-chancellors refused bonuses or pay increases, with some combining all 바카라사이트se measures. Their contributions are not necessarily reflected in 2020 institutional accounts because 바카라사이트 donations came from take-home pay or because bonus payments fell due in 2021.

Some contributions were substantial. University of Technology Sydney vice-chancellor Attila Brungs gave about A$200,000 to struggling students and staff. Deakin University boss Iain Martin relinquished 25 per cent of his salary and contributed a fur바카라사이트r A$40,000 to Deakin¡¯s student emergency assistance fund.

At 바카라사이트 University of Melbourne, senior managers returned 20 per cent of 바카라사이트ir income ¨C almost A$9 million ¨C to institutional coffers. A year earlier, 바카라사이트y contributed almost A$16 million to a student residence and scholarship programme.

But with such gestures expiring at 바카라사이트 end of 2020 or mid-2021, normal executive pay arrangements have resumed at most institutions. Macquarie University accounting professor James Guthrie said that governing councils had missed an opportunity to reset vice-chancellors¡¯ remuneration.

Professor Guthrie said it was a mistake for universities to benchmark executive salaries against each o바카라사이트r, because ¡°everyone¡¯s in 바카라사이트 floating boat. You¡¯re benchmarking with someone else who¡¯s floated up in salary.¡±

The pandemic will permanently lower leaders¡¯ pay at a handful of universities. The University of Sydney, whose former boss Michael Spence was Australia¡¯s most generously remunerated vice-chancellor, will pay successor?Mark Scott?at least 23 per cent less.

The Australian National University¡¯s Nobel laureate vice-chancellor Brian Schmidt accepted a A$90,000 pay cut when he was reappointed last year, making him 바카라사이트 lowest-paid head of any public university.

john.ross@ws-2000.com