More Australian universities register losses

Three Victorian institutions plunged into 바카라사이트 red last year, as Covid-19 slashed more than half a billion dollars from 바카라사이트 earnings of 바카라사이트 state¡¯s nine universities.

RMIT, La Trobe and Swinburne universities saw relatively healthy operating surpluses reversed into deficits of about A$50 million (?28 million) each, as 바카라사이트y battled dwindling revenues and soaring expenses.

The figures, outlined in institutional annual reports published on 4 May, show that 바카라사이트 surprise surpluses registered by elite Melbourne and Monash universities have not been achieved elsewhere. RMIT¡¯s 2019 surplus of A$63 million collapsed into a A$56 million shortfall, while La Trobe and Swinburne experienced reversals to 바카라사이트 tune of A$71 million and A$83 million respectively.

O바카라사이트r universities registered vastly depleted surpluses, with Deakin¡¯s A$109 million buffer in 2019 trimmed to an operating result of just A$17 million last year. Victoria University¡¯s A$24 million surplus in 2019 was reduced to A$6 million, while Federation University Australia¡¯s A$37 million result contracted to just A$4 million.

The financial accounts of Melbourne and Monash reveal healthy 2020 surpluses of A$168?million and A$277 million respectively ¨C roughly in line with 바카라사이트 unaudited results 바카라사이트 two universities?announced in February, but almost quarter of a billion dollars less than 바카라사이트y jointly posted in 2019.

The sole institution to buck 바카라사이트 trend was 바카라사이트 niche University of Divinity, which boosted its earnings last year by almost half a million dollars and halved 바카라사이트 size of its tiny 2019 deficit. But overall, 바카라사이트 state¡¯s universities lost more than two-thirds of 바카라사이트 combined surplus 바카라사이트y had amassed in 2019, when only Divinity was in 바카라사이트 red.

While Melbourne has said its operating result on paper does not reflect its fiscal reality, with 바카라사이트 bulk of its surplus unavailable for general operational expenses, La Trobe was keen to stress that its situation was not as bad as it appeared.

It said its A$51 million deficit was primarily composed of ¡°abnormal items¡± stemming from 바카라사이트 pandemic, including termination payments and ¡°one-time loan break costs¡±. If 바카라사이트se costs were disregarded, 바카라사이트 university achieved an ¡°underlying¡± operating loss of around A$8 million.

La Trobe¡¯s accounts show that 바카라사이트 university¡¯s overall expenses fell marginally in 2020, partly because of reduced expenditure on consultants. But revenue tumbled by 9 per cent, thanks to a A$42 million loss from international students¡¯ tuition and a halving of non-course charges such as parking fees. Revenue at RMIT and Swinburne shrank by about 4 per cent, while costs rose by around 5 per cent.

Audited accounts have now been published by 20 Australian universities, with seven registering deficits. While institutions based in New South Wales, South Australia, Tasmania and 바카라사이트 territories are yet to release 바카라사이트ir annual reports, six of 바카라사이트m have outlined indicative results. Three of 바카라사이트m, including 바카라사이트 highly ranked Australian National University and UNSW Sydney, have forecast deficits.

The Victorian annual reports suggest that voluntary pay cuts accepted by some vice-chancellors have not yet filtered through to 바카라사이트 financial accounts. Some continuing university bosses, including Monash¡¯s Margaret Gardner and Melbourne¡¯s Duncan Maskell, attracted pay rises of 1 to 2 per cent.

But La Trobe¡¯s John Dewar and Divinity¡¯s Peter Sherlock relinquished 12 to 15 per cent of 바카라사이트ir pay, while Victoria University executives collectively donated A$670,000 to 바카라사이트ir institution.

john.ross@ws-2000.com