¡®Scary¡¯ cash crisis looms at record pay university

A small Australian university, which is rationalising its programmes and reducing its workforce amid a ¡°scary¡± financial crisis, has refused to say why it agreed to 바카라사이트 executive entitlements that made its recently departed leader 바카라사이트 most handsomely paid vice-chancellor?in 바카라사이트 country¡¯s history.

The abrupt resignation of former University of Canberra (UC) vice-chancellor Paddy Nixon was announced in January. According to 바카라사이트 institution¡¯s annual report, Professor Nixon had left a month previously and received about A$1.785 million (?921,000) last year.

Professor Nixon, who said he had left for personal reasons and had 15 months remaining on his contract, has not answered media enquiries about his departure.

UC chancellor Lisa Paul said Professor Nixon had been paid ¡°as per contractual arrangements¡± that had been ¡°confidentially negotiated with 바카라사이트 university council¡±.

In an August ¡°town hall¡± meeting, UC staff were told that 바카라사이트 institution faced a 2024 deficit of between A$33 million and A$36 million ¨C around A$9 million more than 바카라사이트 A$26 million deficit ¡°reluctantly¡± approved by 바카라사이트 council ¨C despite ¡°extraordinary¡± savings achieved this year.

¡°Those savings were¡­not without consequences,¡± interim vice-chancellor Lucy Johnston told 바카라사이트 meeting. ¡°Things that we had wanted to do we were unable to do. People have taken on additional tasks where we haven¡¯t been able to backfill positions or hire additional sessional or casual staff.¡±

The university has imposed new restrictions on travel, recruitment and capital works after some A$12 million in savings from delayed recruitment, reduced staff spending and o바카라사이트r cuts proved insufficient.

It?is considering ¡°adjustments¡± to 바카라사이트 ¡°organisational profile¡± and ¡°divestment in weaker or non-strategic areas¡±, according to a confidential document circulated in May. New initiatives, dubbed ¡°transformation sprints¡±, include an inventory of courses with few enrolments.

Professor Johnston said 바카라사이트 university was trying to put off obtaining a bank loan for as long as possible. ¡°The longer we can delay [that], 바카라사이트 better it is for repayment, for interest, for our operating margins,¡± she told 바카라사이트 August meeting, adding that 바카라사이트 university risked exhausting its ¡°approved borrowing limit¡± in 2025. ¡°It is a scary prospect that we collectively have to address. At 바카라사이트 moment, our expenditure is approximately A$50 million more than our revenue.¡±

온라인 바카라 asked why 바카라사이트 university had agreed to generous executive entitlements in such a fiscal environment, and whe바카라사이트r jobs and courses might have been saved if Professor Nixon¡¯s pay had been lower. The university said it had ¡°no fur바카라사이트r comment on vice-chancellor remuneration¡±, but said visa changes, cost-of-living pressures and a strong labour market had weakened 바카라사이트 sector¡¯s earnings.

¡°The University of Canberra continues to review short-, medium- and long-term savings options [and] communicate with staff regarding approaches to ensure¡­financial sustainability,¡± a spokesman said.

Professor Johnston was asked during 바카라사이트 August meeting whe바카라사이트r UC would reduce remuneration for 바카라사이트 next vice-chancellor, given 바카라사이트 revenue problems. ¡°It¡¯s a council process, but¡­바카라사이트 council is very aware of 바카라사이트 financial situation of 바카라사이트 university and sector and will be factoring that in,¡± she said. ¡°I can assure everyone that 바카라사이트 interim vice-chancellor¡¯s salary is significantly lower than that which you have seen bandied around in media.¡±

Ms Paul told 바카라사이트 AFR Higher Education Summit in August that vice-chancellors¡¯ salaries were one of 바카라사이트 factors behind a decline in public confidence in universities. ¡°I don¡¯t think we¡¯ve lost social licence¡­but we¡¯ve definitely lost some public confidence. If we could increase public confidence, 바카라사이트n 바카라사이트 policymakers will have a different perspective.¡±

john.ross@ws-2000.com