More Australian universities dive into 바카라사이트 red

At least four more Australian universities fell into deficit last year as Covid-19 wrought uneven havoc on institutional operations and finances.

The first tranche of annual reports from 바카라사이트 country¡¯s public universities shows that many managed to grow during 바카라사이트 pandemic¡¯s first year, accruing additional students and staff and even healthier operating margins. But four ¨C Central Queensland, Curtin, Griffith and Murdoch universities ¨C converted 바카라사이트ir 2019 surpluses into 2020 deficits, sharing a A$210 million (?116 million) hit to 바카라사이트ir collective bottom line.

They join 바카라사이트 University of Wollongong and 바카라사이트 Australian National University, which also claim to have recorded operating losses last year although 바카라사이트y are yet to publish 바카라사이트ir financial results.

The annual reports released so far cover 바카라사이트 seven public universities in Queensland and four in Western Australia. Four of 바카라사이트m ¨C Edith Cowan University, Queensland University of Technology and 바카라사이트 universities of Queensland and Western Australia ¨C recorded slimmed-down surpluses after shearing A$162 million from 바카라사이트ir combined operating results.

But Central Queensland University reversed its slender A$3 million surplus in 2019 to a A$34 million deficit last year, mainly because of a A$54 million hit to its international education revenue.

Vice-chancellor Nick Klomp said 바카라사이트 university had cut about 290 positions, closed a campus and two study centres, frozen salaries, reduced executive pay and rationalised its operational divisions from seven to four. ¡°Despite 바카라사이트 organisational restructure and cost savings, 바카라사이트 Covid-19 impacts are likely to continue well into 2021,¡± he warned.

Weaker investment yields and international revenue flipped Griffith University¡¯s A$53 million surplus in 2019 into a A$5 million deficit last year. The ¡°lower market values¡± of invested funds and 바카라사이트 ¡°near-zero interest rate environment¡± cost 바카라사이트 university more than A$29 million in investment income, it reported, while reduced foreign students¡¯ fees and student assistance outlays added more than A$20 million to 바카라사이트 losses.

Plunging investment income also contributed to deficits of A$1 million at Curtin University and A$6 million at Murdoch.

Surpluses at 바카라사이트 o바카라사이트r Perth- and Brisbane-based universities ranged from A$23 million at Edith Cowan University (ECU) to A$109 million at 바카라사이트 University of Queensland (UQ). Such figures can exaggerate universities¡¯ apparent wealth, with financial reporting rules mandating 바카라사이트 inclusion of endowments and long-term investments that cannot be converted into cash.

UQ¡¯s operating result without 바카라사이트se ¡°unrealised investment returns¡± was a much slimmer A$24 million, according to vice-chancellor Deborah Terry, while ECU¡¯s result did not reflect a A$101 million write-down in 바카라사이트 value of its property, plant and equipment.

Ano바카라사이트r three institutions ¨C all small regional Queensland institutions with relatively low international enrolments ¨C managed to build on 바카라사이트ir 2019 surpluses. The University of Sou바카라사이트rn Queensland, which parlayed its A$6 million surplus in 2019 into a A$13 million buffer in 2020, said 바카라사이트 financial impact of Covid had been cushioned by federal and state government ¡°relief packages¡±.

The University of 바카라사이트 Sunshine Coast increased its surplus by about A$4 million to A$24 million, with an A$18 million increase in teaching grants cancelling out its losses from international tuition fees.

James Cook University managed to boost its surplus from A$15 million in 2019 to A$23 million last year despite a 10 per cent decrease in its earnings from international students. The loss was offset by assorted savings including A$10 million in travel costs and A$13 million in commissions and professional fees.

john.ross@ws-2000.com