‘No idea how rich’: Why Sydney University thrived despite the pandemic

Most universities did suffer. But not Sydney. It surprised itself by becoming richer, posting aoperating surplus in 2021 as its investments thrived and it attracted a new type of Chinese student. One whose budget was able to extend to a top university only because they could stay at home and save money on travel and living expenses.Kate Geraghty

Things are looking up for harder-hit institutions, with universities’ annual reports showing most in the black and international students returning now borders have reopened. They have been led by those from the subcontinent, with federal education department figures showing international students from Nepal now make up the biggest group in Australia.

“As a result of the unanticipated influx of Nepalese and Indian students, the majority of universities in NSW and around Australia are doing well with an even better prospect for second semester,” said Phil Honeywood, the chief executive of the International Education Association of Australia. “Clearly, with China having been the number one market – 35 per cent of overseas higher ed students – for the sake of diversity we want Chinese students back here ASAP.

But Scott said the university’s financial position was still uncertain. Half the operational surplus came from returns on invested money – which was earmarked for capital works, or interest payments – as well as tied donations and property sales.

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