A $75.6 million loss for the University of Tasmania from international student revenue is driving a large financial deficit, with the state's tertiary provider acknowledging its deteriorating financial performance.
Subscribe now for unlimited access.
or signup to continue reading
Meanwhile, the university's academic chief moved to the next executive pay bracket of between $1,010,000 to $1,019,000.
In its latest annual report the university recorded a consolidated loss of $18.9 million from its core activities this year compared to $1.2 million in 2021.
It said this was largely driven by the loss of international students and an almost 50-per-cent drop in their revenue, from a $139.6 million revenue peak in 2019 to $75.6 million in 2022.
The organisation's expenses grew by 4.1 per cent, including a 1.2 per cent rise in employee related expenses, and its investment revenue dropped by $146 million.
The number of Tasmanian students studying at the University of Tasmania is dropping, with the 2022 cohort of 12,360 locals reducing from the record highs of 2020.
At the same time, applications from interstate students has risen 63 per cent in 2022, and includes a 19 per cent rise studying bachelor and post graduate courses, and an extra 10,000 studying online short courses.
"These are positive signs, but the road ahead is rocky," the report said.
"When it arrived, the pandemic brought with it enormous volatility. As we emerge from it, that volatility remains.
"Very low unemployment, high inflation and rising costs of living, changing student desires and the wish for more flexibility in learning options, coupled with the recommencement of interstate and international migration, are all impacting on student choice and enrolments in higher education, particularly in regional areas."
Overall, the report said challenging times would continue in the years ahead.
"The university continues to be impacted by the COVID-19 pandemic, which has resulted in a deterioration in financial performance," it said.
"These challenges are expected to continue for the next few years as the international student pipeline rebuilds and domestic students are challenged by the national environment.
"Throughout this period, we have worked hard to protect our people and our core mission of delivering teaching and research."
The financial difficulty of the university is not unique this year, with reports showing that Victoria's eight public universities collectively lost $507 billion.
Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content:
- Bookmark www.examiner.com.au
- Make sure you are signed up for our breaking and regular headlines newsletters
- Follow us on Twitter: @examineronline
- Follow us on Instagram: @examineronline
Follow us on Google News: The Examiner
