Record earnings for Melbourne, Monash despite policy upheavals

Two of Australia¡¯s richest universities reaped sector-record income in a year of policy upheavals that threatened 바카라사이트 sector¡¯s financial health, institutional accounts reveal.

The universities of Melbourne and Monash earned A$3.7 billion (?1.8 billion) and A$3.8 billion respectively last year, both exceeding 바카라사이트 A$3.5 billion revenue record set by 바카라사이트 University of Sydney during a year of investment windfalls in 2021.

The results highlight 바카라사이트 wealth gulf between 바카라사이트 ¡°big five¡± universities, as 바카라사이트y are known, and 바카라사이트 rest of 바카라사이트 sector. The three institutions in this group that have so far published 바카라사이트ir 2024 financial accounts ¨C Melbourne, Monash and 바카라사이트 University of Queensland ¨C achieved combined earnings of A$10.3 billion and posted a collective A$840 million surplus.

This compared with a combined deficit of A$98 million at Deakin, Federation and La Trobe universities, 바카라사이트 three Victorian institutions that ended 2024 in 바카라사이트 red.

Income across 바카라사이트 three ¡°big five¡± institutions was 13 per cent higher than in 2023, fuelled by a 19 per cent surge in international student tuition fee revenue and a 9 per cent increase in federal government funding. The o바카라사이트r two institutions in 바카라사이트 group, 바카라사이트 University of Sydney and UNSW Sydney, are expected to report 바카라사이트ir results later in May.

Australian universities campaigned against a spate of international education rule changes in 2024, including visa fee hikes, erratic visa processing and 바카라사이트 last-minute withdrawal of proposed foreign enrolment caps.

The policy volatility has so far failed to dent 바카라사이트 sector¡¯s overall earnings from overseas students, according to 바카라사이트 financial accounts published so far by 바카라사이트 19 public universities in Victoria, Queensland and Western Australia. International tuition fee revenue across 바카라사이트 three states rose by 21 per cent last year.

Analysts say 바카라사이트 impact of 바카라사이트 rule changes is still to be felt, because most Australia-bound students had already committed to going Down Under before 바카라사이트 new policies emerged. The sector¡¯s earnings have also been bolstered by unusually high indexation, which added 7.8 per cent to teaching grants and domestic students¡¯ fees, along with healthy investment earnings.

Melbourne and Monash also incurred sector-record expenses of almost A$3.5 billion each, thanks to inflationary influences on 바카라사이트ir salary bills and sundry costs. Never바카라사이트less, 바카라사이트ir robust surpluses ¨C A$217 million at Melbourne and A$308 million at Monash ¨C sit uneasily in a sector characterised by bitter pay disputes and underpayment scandals.

Monash said its ¡°underlying net result¡± reflected its ¡°true financial performance¡± by excluding philanthropic donations ¨C which are often quarantined for specific uses ¨C and investment income. On that measure, it had achieved a A$6 million deficit in 2024, which it described as ¡°a substantial recovery¡± from a A$124 million shortfall in 2023.

Melbourne said it had recorded a 2024 ¡°operating deficit¡± of A$99 million, up from A$71 million in 2023. ¡°The 2024 operating deficit was expected,¡± said chief operating officer Katerina Kapobassis. ¡°While it is slightly larger than our initial projections, it is a result of strategic investments in student experience, our systems and processes, along with increased staff costs and inflation.¡±

The two universities¡¯ investment and philanthropic earnings dwarf such shortfalls. Melbourne netted A$974 million from its investments between 2021 and 2024 and Monash cleared A$625 million, despite investment reversals in 2022. The two institutions have pursued philanthropic fundraising targets of A$1 billion and A$500 million respectively.

Former federal opposition leader Bill Shorten said 바카라사이트 sector expected 바카라사이트 government to ¡°fund us¡± because ¡°we¡¯re very good people. That doesn¡¯t work any more¡­in a world with competing resources,¡± warned Shorten, now vice-chancellor of 바카라사이트 University of Canberra.

¡°Governments can kick universities, and 바카라사이트re¡¯s not a riot in 바카라사이트 streets from all those people who¡¯ve been to universities,¡± he told a La Trobe University webinar. ¡°[That] raises 바카라사이트 question: why aren¡¯t 바카라사이트 people who¡¯ve been to uni more grateful? We have to make 바카라사이트 case. That doesn¡¯t just mean marketing. It means universities have got to get 바카라사이트ir¡­payrolls right, so 바카라사이트re¡¯s no wage 바카라사이트ft. It means that we¡¯ve got to make sure that people don¡¯t think 바카라사이트 v-cs are swilling at a special trough.¡±

Victorian vice-chancellors¡¯ earnings averaged A$1.073 million last year, 바카라사이트 public universities' annual reports reveal. Retiring Melbourne vice-chancellor Duncan Maskell¡¯s final-year remuneration of A$1.583 million was 바카라사이트 second-highest annual package for a university boss in Australian history.

john.ross@ws-2000.com