University of Melbourne posts big surplus but says tough times not over

The University of Melbourne has posted a bumper surplus of $147 million for 2021, its best result in five years, but says it expects to fall into the red this year, partly due to a drop in student revenue compared with pre-pandemic times.

“This expected downturn will be helped by the strong 2021 financial result, but the university must continue its careful and prudent approach to financial management.” International students, on the other hand, suffered longer financial hardship. Overseas students lost their jobs in large numbers at the beginning of the pandemic, but unlike domestic students received no JobKeeper support.

But Dr Norton warned in his report that the favourable jobs market for tertiary students was unlikely to last.“Temporary migrants will return to Australia and tighter macroeconomic policy will reduce demand for labour,” he wrote.

Source: Education Headlines (educationheadlines.net)

Isn’t it funny Newcastle Uni had their biggest surplus ever as well. So what’s the cause of these big profits?

That's what they all said....

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