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Australian Higher Education Policy Analysis
Financial Performance of Australian Universities in 2014
Professor Emeritus Frank P. Larkins1 and Associate Professor Ian Marshman2
The University of Melbourne
Summary The latest publicly available financial data for Australian Universities are for 2014. Universities sourced revenues of $27.15 billion and expended $25.34 billion for their higher education and independent operations. Some 60.4% of funding came from government sources, including HECS payments. The University of Melbourne had the most revenue at $2.12 billion, equivalent to $590,440 per academic staff FTE. Five universities had revenues of more than $1.6 billion. These five highest revenue earners had a combined income that was more than the total revenues for the 22 smallest universities. The level of government support for teaching and learning (T&L) through Commonwealth Grants Schemes (CGS) and HECS payments vary from 88% for Western Sydney of all identified T&L income to 40% for Melbourne, with the system average being 67%. When only CGS funding for T&L is considered as the long term contribution by government, since HECS contributions are expected to be repaid, the range decreases from 56% for Tasmania to 26% for Melbourne, with the system average being 39%. For many universities these estimates of government contributions are likely to be upper limits, because of the use of other revenue streams to support T&L activities. The 2014 university revenues, expressed as dollars per student EFTSL unit, highlight that all the Go8 universities and a small number of other universities have revenues significantly above the system average of $27,780 per EFTSL. ANU with 2014 revenue normalised as $63,922 per EFTSL was well ahead of all other universities, principally because of special government allocations. The revenue outcomes when expressed on a per academic FTE basis are very different to the outcome expressed on a student EFTSL basis. Predominantly those institutions with a more limited research portfolio generate the highest level of funding. The research focus of the Go8 institutions appears to be diminishing their relative financial standing on a FTE basis as they increase overall research staff numbers and cross-subsidise research activities. Australian universities expended 57.9% of their outlays on employee benefits. On a system-wide basis universities expended $138,700 per FTE on academic benefits and $102,227 per FTE on non-academic benefits in 2014. Four of the Go8 universities expended less than the national average on academic benefits per FTE, but only two, Adelaide and Melbourne, reported less than the national average for non-academic benefits. The staff profiles of some Go8 universities are different from the national norm because of their research intensive nature and the scale of independent operations. All universities expended more per FTE on academic benefits than on non-academic benefits. Only two Australian Universities, UNSW and Queensland, employed more academic staff than non-academic staff. Overall universities employed 81 academic FTE for every 100 non-academic FTE in 2014.
1 School of Chemistry 2 Honorary Principal Fellow, Centre for the Study of Higher Education
Australian Higher Education Policy Analysis
Introduction The Commonwealth Department of Education has recently released the details of the 2014 performance of Australian Universities in terms of their total revenue and expenditure transactions from continuing operations (1). The reporting categories are shown in Appendix A, Table 1A. These reports are published by the Department and represent the primary audited data sources publicly available for a comparative study of the financial operations of Australian universities. Six of the Universities, Federation, RMIT, Swinburne, Victoria, Central Queensland and Charles Darwin, are dual sector institutions. For the present analysis only the financial performance of the higher education operations of these institutions is considered. For all universities revenue and expenditure associated with independent operations, including subsidiary companies, are consolidated in the higher education financial statements. In view of the very considerable growth in student participation in higher education over the past decade it is timely to review some aspects of the financial management of universities. This study follows recent work (2,3,4) examining the impact of the student demand-driven policy reforms on domestic and overseas enrolments in various course categories, especially since 2009. In this paper a ‘snapshot’ of revenue and expenditure activities for Australia’s 38 publicly funded universities in 2014 is provided. Bond as a private university does not report. It and the Bachelor Institute of Indigenous Tertiary Education are not included. For many universities a trend analysis over time rather than a snapshot will provide more salient information on the financial management of the institution. In another paper the time series financial management trends since the uncapping of bachelor enrolments in 2009 will be examined. It is an issue as to how universities of varying size and breadth of operations can be reasonably compared. One benchmark is to review financial performance in the context of effective fulltime student load (EFTSL), since the majority, but not all, of university operations are directed to the education of students at the undergraduate, postgraduate coursework or research training levels. Universities do conduct other activities, including research by staff and auxiliary operations, that involve both revenue and expenditure cash flows. These financial outcomes cannot be readily discerned from student educational outlays. For many universities other activities not involving students are only a small proportion of total cash flow. Using EFTSL as the reference is therefore a useful and consistent verifiable parameter to normalise financial activity for inter-university comparisons. An additional approach is to consider the staff resources deployed, including casual staff, expressed on a full time equivalent (FTE) basis for academic and non-academic staff. The financial performance of universities normalised on an academic FTE basis is also examined as the academic staff are central to generating revenue within institutions. For the present analyses, staff involved in independent operations are classified as non-academic staff as they contribute to the sources of revenue reported by universities. The student load data are sourced from the Commonwealth Department of Education (5) and staff data from a similar source (6).
University Total Revenues 2014 The latest revenue and expenditure data available for universities from current operations are for 2014. The total revenues and expenditures for all Australian Universities in 2014 were $27.15 billion and $25.34 billion respectively. The categories for reporting revenues for an Australian university are shown in Appendix A, Table A1. It is convenient to group the sources under three items: A. Australian, State& Local Government Assistance (referred to as ‘Government Assistance’ in the figures), B. All Student Fees & Charges, and C. Other Revenue (which includes
LH Martin Institute for Tertiary Education Leadership and Management Page 2 of 23 lhmartininstitute.edu.au
Financial Performance of Australian Universities in 2014 Frank P. Larkins & Ian Marshman
interest and other investment income where applicable). Similarly, the expenditure items have been grouped as, D. Academic Employee Benefits, E. Non-Academic Employee Benefits and F. Other Expenditures. A summary of the total and proportional revenues and expenditures for all Australian Universities is shown in Appendix A, Table A2 along with the total student load (EFTSL). The data are presented in figure 1 with universities ranked according to their total revenue. Figure 1. 2014 Higher Education Revenue Categories for Australian Universities Ranked by Total Revenues
Melbourne had the highest revenue in 2014 at $2.12 billion. Five universities, Melbourne, Sydney, Monash, Queensland, and UNSW had 2014 revenues in excess of $1.6 billion. No other university had revenue of more than $1.0 billion, highlighting a sharp distinction between these universities and the other 33 public universities. The combined revenue of the five highest revenue earners was more than the total revenue for 22 other Australian universities (from Newcastle to Notre Dame). Melbourne’s revenue exceeds that of the eight smallest universities combined. The variation highlights the very significant size diversity of the Australian higher education system. There is a wide variation in the respective revenue proportions for individual universities as is evident from examination of figure 1 and the data in table A2. On average government funding from various sources represent 60.4% of the revenue of Australian Universities with fees and charges accounting for a further 24.9% of total revenue and other revenue being 14.7% as defined in table A1. The fees and charges item does not include much of the income universities receive for educating domestic students as these monies, including HECS and Fee- HELP payments, are shown as revenue from government. The revenue distribution is shown graphically in figure 2. Figure 2. Average Percent 2014 Revenues by Category for Australian Universities.
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Average Percent 2014 Revenues for Australian Universities
Page 3 of 23
Australian Higher Education Policy Analysis
The data for individual universities are presented graphically in Appendix B, Table B1 with universities ranked according to their dependence on government funding. Notre Dame proportionally is the university most heavily dependent on government funding with 81.5% of its funding from that source, while Melbourne is the least dependent with just 49.5% of its revenue coming from governments.3 Six universities are dependent on government funding for more than 75% of their revenue. They are Notre Dame, 81.5%, Southern Cross, 79.9%, New England, 78.7%, Sunshine Coast, 77.9%, ACU 76.4% and Southern Queensland 76.3%. Six of the 38 universities examined derive more than 30% of their total revenue directly from student fees and charges (item B table A2), i.e. excluding the Australian Government contribution. They are Federation, 44.4%, RMIT 36.0%, Macquarie, 35.8%, UTS 34.0%, UNSW 30.4% and Swinburne 30.2%. Four universities derive more than 20% of their total revenue, designated C Other Revenue, from non-government and non-student sources. They are Charles Darwin4 26.8%, UWA 22.2%, Melbourne 21.9% and Monash 21.8%. These revenues come from a variety of sources.
Funding Support for Teaching and Learning Activities There is frequently much discussion as to the level of government support for teaching and learning in universities. It is not a straightforward matter to use publicly available data to determine the amount of income universities receive from the Australian government directly for their core teaching and learning activities to educate students. Among the category A line items shown in table A1, the most appropriate items to consider are Commonwealth Grants Scheme and Other Grants (CGS) and HECS –HELP. Much of the HECS-HELP financial support provided by government should eventually be recovered from students, so it is not considered by some as a net government contribution. The other category A line items relate to benefits received directly by students and for research support or infrastructure developments. The FEE-HELP item, which represents loans by the Commonwealth to facilitate the enrolment of Australian students in fee-paying graduate coursework places, has not been included here for this reason. The two items, CGS and HECS-HELP (designated P: CGS-HECS in column 2 of table A3), can be combined with category B, All Student Fees and Charges, (column 4, table A3) to obtain a reasonable estimate of the total funds directly available to universities for pursue their teaching and learning (T&L) activities (shown as P+B, column 5). The data in table A3 are ranked according to the universities with the highest percentage contribution from CGS+HECS-HELP to the total T&L funds available (column 7). The percentage contribution from CGS funding only to all T&L funding is shown in column 6. There is a wide range in the proportion of government support for T&L from 84% for Western Sydney to 40% for Melbourne (column 7). The system-wide average is 61%. If only the CGS funding is considered then the contribution to T&L activities ranges from 56% for Tasmania to 26% for Melbourne. Now the system-wide average is only 39%. It is highly probable that many universities also use some income shown as ‘other revenue’ to support T&L; therefore, the estimates of government assistance are upper limits. The data can also be used to show across the sector the overall proportion of university activity devoted to teaching and learning. The percentage of all T&L funding compared with total University revenue is listed in column 8 and in figure 3.
3 Federation University is shown in table A2 as receiving only 39.5% of its funding from government sources, but the figure is misleading, because capital funds and possible other adjustments were made as a result of the transfer of the Churchill campus in 2014 from Monash. 4 Charles Darwin does have a relatively large unexplained ‘other revenue’ item increase from 2013 to 2014 that increases this percentage.
LH Martin Institute for Tertiary Education Leadership and Management Page 4 of 23 lhmartininstitute.edu.au
Financial Performance of Australian Universities in 2014 Frank P. Larkins & Ian Marshman
Figure 3. Teaching and Learning Revenues as a Percentage of All Revenues for Australian Universities
ACU is the university with the highest reliance on T&L revenue at 85%. Eighteen universities generate 70 percent or more of their revenue through T&L activities. By contrast Charles Darwin and all the Go8 Universities have 55% or less of their revenue directly accounted for by T&L activities (table A3, column 8). This figure is well below the system-wide average of 64%. The outcome for the G08 universities principally reflects their research-intensive character and income from other activities, including from subsidiary companies and, in some cases, investments. The profile for the T&L expenditure shown in figure 3 does highlight the wide variations in the overall educational, research and outreach missions of Australian Universities.
Relationship between Revenue and Load 2014 Universities vary significantly in the size of the student community so comparative performance measures do require some normalisation. It is of value to consider university revenue performance in terms of student load as a relative measure, recognising that there are limitations to such an analysis. The total revenues for 38 universities are plotted against the 2014 student load in figure 4. The Group of Eight (Go8) universities are highlighted in red and RMIT in green. The dotted line highlights a broad linear relationship between student load and revenue earned for many universities. The significant departures to the right of the line indicate that those universities are achieving higher revenue per EFTSL than the average. The dominance of the research-intensive Go8 universities, especially the five with the highest enrolments, is clearly evident. This issue is examined in more detail in the next section. Universities to the left of the line are receiving less than the average revenue return per student. The positions of RMIT and Monash on the graph would seem to reflect the pricing of their significant offshore student enrolments.
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Page 5 of 23
Australian Higher Education Policy Analysis
Figure 4. Relationship between 2014 Total Revenue and Student Load (EFTSL) for 38 Universities
Revenue per Unit of Student Load 2014 While total revenue reflects the capacity of a university to undertake a range of academically-related activities, a more informative relative statistic is the revenue available to a university expressed in terms of dollars per unit of student load. Not all the revenue obtained by universities is expended on students; nevertheless, it is one valid way to obtain a relative normalising measure of the activities of a university. This information is presented in table A4 and summarised in figure 5. A different pattern is now evident. Figure 5. Relationship between 2014 EFTSL and Dollars per unit of Student load (EFTSL) for 38 Universities
The average revenue received by universities in 2014 expressed on a per student EFTSL basis was $27,780, denoted by the dotted line. Universities to the right of the line receive more revenue than the system-wide average expressed on a per EFTSL basis. Eleven universities are in this group. The group is dominated by the
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Australian Universities Total HE Revenues & EFTSL 2014
Melbourne $49,770
Sydney $43,866,
Monash, $35,174
Queensland, $42,256 UNSW $41,895
ANU, $63,922
UWA, $45,375 Adelaide, $39,295
RMIT, $17,767
Tasmania, $28,793
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ACU, $19,221 VUT,
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N.Dame $18,201
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Australian Universities 2014 HE Revenue as Dollars per EFTSL
System Average $27,780
LH Martin Institute for Tertiary Education Leadership and Management Page 6 of 23 lhmartininstitute.edu.au
Financial Performance of Australian Universities in 2014 Frank P. Larkins & Ian Marshman
research-intensive Go8 universities, but three regionally-based universities are also above the average revenue per student. No ATN universities are in this group. The Australian National University has the highest total revenue expressed on a per student basis at $63,922, Melbourne University the second highest at $49,770 and UWA third at $45,375. Charles Darwin is an interesting case as it receives additional targeted government funding for specialist activities that impact on this analysis. ANU, partly reflecting historical funding arrangements, receives a higher proportion of its funding from government than any other Go8 university (table A2). This translates to its position as the recipient of the most funding on a per EFTSL basis. Monash is the outlier among the Go8 at $35,174, most likely because of its scale and relatively lower cost and pricing of its overseas operations. Tasmania and James Cook also have significant numbers of overseas students offshore, but nevertheless these regional universities are above the average in revenue earnings because of proportionally higher levels of per EFTSL government funding, possibly associated, at least in part, with the delivery of medical and other higher cost professional courses. The other 25 universities have 2014 revenue normalised on a per student basis of between $17,000 and $28,000, while the total EFTSL range for most of these universities is between 9,000 and 35,000 EFTSL. Most of the universities are in the range $20,000 to $28,000 per EFTSL. Four universities, ACU, Victoria, Notre Dame and RMIT receive less than $20,000 per EFTSL. Victoria at $17,132 and RMIT at $17,767 are dual sector institutions and also have significant numbers of offshore students. These factors appear to contribute to a lower per unit higher education operating cost. While noting that not all university revenue received is directly related to EFTSL, the above analysis does provide a valuable insight into why the Go8 universities have the capacity to undertake a wider range of research activities and auxiliary operations than many other Australian universities because their total revenues expressed on a per student basis are considerable more that the national average. Universities operate in a deregulated market to set undergraduate fees for overseas students and for most postgraduate coursework degrees for domestic and overseas students. The higher rankings of most Go8 universities have enabled them to set higher fee structures than most other universities and to gain more research funding. In turn, this helps sustain higher rankings.
Revenue per Academic staff unit of resource (EFT)
Another insight into the relative resourcing levels of Australian universities may be gained by observing the amount of revenue each institution generates per unit of academic staff load (EFT). Across the sector it is overwhelmingly the academic staff who are the drivers of teaching and learning and research and research training. Presenting the data on a dollars per academic staff EFT basis shows the relative success individual institutions have in generating revenue from these activities. It also shows, at a summary level, the relative level of funding available per unit of academic staff resource for investment in those and other activities, including infrastructure and other (non-academic) staff to support operations. This information is presented in Appendix A, Table A5 and summarised in figure 6.
Page 7 of 23
Australian Higher Education Policy Analysis
Figure 6. Relationship between 2014 Total Revenue and Dollars per unit of Academic Staff (Academic EFT) for 38 Australian Universities
An outcome that is very different to that for revenue per student EFTSL is now apparent. The average revenue received by universities in 2014 expressed on a per academic staff FTE basis was $489,306, denoted by the dotted line. The number of institutions above or below the average is approximately equal – 20 above and 18 below. Compared with the results on a per student EFTSL basis (figure 5 and table A4), no pattern is readily apparent from the data, but the following findings are noteworthy. The universities with the highest total revenue per academic FTE are Charles Darwin with $739,658 and Central Queensland University with $665,157. While the other eight of the ten universities with the smallest amount of overall revenue are spread throughout the field, seven of the ten earn above average rates of per academic staff revenue. The highest ranked of the Group of Eight universities, Melbourne, has the fifth highest level of funding on a per academic staff FTE basis. Three of the Go8 universities, UNSW, Adelaide and Queensland, have funding rates that are in the bottom quartile of the sector. In contrast to results on a per student EFTSL basis, the variation between the institutions with the highest and lowest rates of revenue per academic staff FTE is smaller, viz- a variation of 1.9 times between highest and lowest, compared to a variation of 2.5 times on a per student EFTSL basis.
Despite the absence of any strong pattern emerging, a number of observations might be made about information on per academic staff FTE revenue. First, there this no correlation between those institutions which generate high student tuition revenue or indeed high rates of student revenue per student EFTSL and those which generate high rates of revenue per academic staff EFT. Indeed, leaving aside Melbourne, the great majority of universities which have the highest rates of per academic staff FTE are those with relatively low rates of student tuition revenue per EFTSL. In contrast, UNSW and Queensland, both of which enjoy high levels of tuition revenue and per EFTSL rates of student revenue, are ranked in the lowest quartile on a per academic FTE.
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LH Martin Institute for Tertiary Education Leadership and Management Page 8 of 23 lhmartininstitute.edu.au
Financial Performance of Australian Universities in 2014 Frank P. Larkins & Ian Marshman
Secondly, the data suggest that, perhaps leaving aside Melbourne, the relatively ‘average’ standing of the Go8 universities, each of which enjoys a considerable margin over the rest of the sector in attracting fee-paying students and charging higher fees, it is the research focus of the Go8 institutions that appears to be diminishing their relative financial standing as they increase overall academic staff numbers to undertake research. This additional research activity is not resulting in proportionately higher levels of overall revenue, i.e. undertaking research is generally a cross-subsidizing activity, thereby bringing the Go8 back to the sector average in terms of financial flexibility. In contrast, when viewed through the prism of revenue per academic staff FTE, it is predominantly those institutions with a more limited research portfolio that are generating the highest rates of funding. Thirdly, across the sector significant variations in per academic staff FTE productivity are apparent. As noted above the revenue per academic staff FTE at Charles Darwin ($739,658) is 90% greater than that of Flinders ($388,317). Within the Go8, productivity at Melbourne ($590,440) in terms of per academic staff FTE revenue is 37% greater than at Queensland ($428,978). These are significant variations within the sector and presumably directly affect the level of financial flexibility available to individual institutions.
University 2014 Expenditures Australian universities collectively reported revenue in excess of expenditure to the extent of $1.81 billion from operations in 2014. Three universities, Tasmania, Victoria and Canberra, however did have expenditures in excess of revenue and therefore reported a deficit on a cash flow basis. The details are in table A2. The system-wide distribution of outlays were 30.4% on academic employee benefits, 27.5% on non-academic employee benefits and 42.1% on other expenditure as defined by the items in table A1. The system-wide distribution is shown graphically in figure 7. Figure 7. Average Percent 2014 Expenditures by Category for Australian Universities.
Again there are considerable variations between universities as shown by the data presented in table A2. These data are presented graphically in Appendix B, Table B2 with universities ranked according to expenditure on academic benefits. Three universities expend more than 35% of their revenue on academic benefits (D) – Notre Dame 38.8%, ACU 37.9%, and Flinders 37.0%. The majority of universities (20 in total) expend more than 30% of outgoings on academic benefits. Interestingly, the four universities with the highest revenues (figure 1) namely, Melbourne, Sydney, Monash and Queensland all spend less than 30% of their total expenditure on academic salaries. They expend the largest proportion of their outlays in other areas, principally because of the research intensive nature of these universities and their range of independent operations.
D. Academic Employee Benefits,
30.4% E. Non-
Academic Employee Benefits,
27.5%
E. Other Expenditure
42.1%
Average Percent 2014 Expenditures for Australian Universities
Page 9 of 23
Australian Higher Education Policy Analysis
Only one university, Southern Queensland with 35.3%, expends more than 35% of its revenue on non-academic staff benefits (E). Eleven universities spend more than 30% of their revenues on non-academic staff benefits. Eight universities spend more on non-academic benefits than academic benefits (table A6). Other expenditures (F) is the largest category for most universities and includes a very substantial miscellaneous expense item only defined as ‘other expenditure’. This item does include ‘one-off’ special entries in a few cases.
Employee Benefits
Academic and non-academic employee benefits account for some $15 billion (57.9%) of all the expenditures by Australian universities in 2014 (figure 7). The data for all the universities along with the Full Time Equivalent (FTE) staff numbers including casuals and the dollars per FTE are included in Appendix A, table A6 based upon published information (6). The 2014 casuals are estimates at this time. They are not separated between academic and non-academic staff in the published data so for the purpose of this exercise they are divided equally between the two categories. The actual ratio for the 2013 casual data set varies considerably by university with the average being 61% academic, 39% non-academic. Casuals represent around 16% of the total staff FTE numbers. The staff involved in independent operations, such as knowledge transfer, advancement and fund-raising, are included as non-academic staff. TAFE staff in dual sector institutions are excluded. The academic and non-academic employee benefits for all the universities are presented in table A6 and figure 8. The ranking of universities unsurprisingly predominantly aligns with the total revenues for Australian universities shown in figure 1 and table A2. Five Go8 universities each have staff benefit expenditures of more than $800 million, while the smallest two universities examined, Charles Darwin and Notre Dame, expend less than $100 million on staff benefits. Figure 8. Australian Universities 2014 Expenditures on Academic and Non-academic Employee Benefits (‘000s)
It is also informative in understanding the management structure of universities to compare the dollar benefits provided for each FTE academic with the dollar benefits provided for each FTE non-academic benefit. These data are provided in table A6 and graphically presented in figure 9.
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LH Martin Institute for Tertiary Education Leadership and Management Page 10 of 23 lhmartininstitute.edu.au
Financial Performance of Australian Universities in 2014 Frank P. Larkins & Ian Marshman
Figure 9. Academic and Non-Academic Employee Benefits for Australian Universities in 2014 on a per FTE basis.
There is a wide scatter of the results with non-academic benefits per FTE ranging from $74,000 to $124,000 and academic benefits ranging from $118,000 to near $184,000. The system-wide averages were $102,227 for non-academic and $138,700 for academic benefits per FTE. The large variations do highlight the different employee profiles across the various staffing levels in Australian Universities and possible variations in the classification of staff. The data for some universities will also include one-off staff restructuring costs leading to some distortion of the outcome for 2014. Nevertheless, the system-wide variations are of particular interest. UNSW has the highest costs per non-academic FTE at $124,500, while Charles Darwin has the lowest at $71,928. From an academic benefits viewpoint Charles Darwin has the highest cost structure at $183,441 per FTE5, while Charles Sturt has the lowest at $118,037 per FTE. The outlays per non-academic FTE do not exceed the academic employee outlays for any university. Five universities report an academic cost structure in excess of $160,000 per FTE. None of these universities are G08 universities. The results for the G08 Universities are shown in table 1 along with the total revenue per all staff FTE ranked according to the academic benefits per FTE. Table 1. G08 Universities Employee Benefits and Total Revenue per FTE in 2014 with Related Ratios
University Academic Benefits
per FTE
Non-Academic Benefits
per FTE
Ratio Academic FTE to Non-Academic FTE
Ratio $ Academic Benefits to $ Non-Academic Benefits
Percentage
of Total Expenditure on Staff Benefits
Total University HE Revenue per all FTE Staff
UWA $156,629 $113,900 0.84 1.38 63.0 $233,951
Melbourne $153,598 $102,136 0.76 1.50 53.2 $255,760
Sydney $142,025 $115,374 0.95 1.23 55.6 $252,139
ANU $141,140 $121,859 0.92 1.16 56.3 $236,103
Adelaide $134,814 $98,874 0.91 1.36 58.9 $210,673
5 Contributory factors to the high number for Charles Darwin are likely to be a regional/remote loading and a higher proportion of academic staff associated with institutes.
Charles Sturt
UNSW
Federation
Monash
CQU Curtin Edith Cowan
Notre Dame
Charles Darwin
ANU
ACU
Average (138k,102k)
$60,000
$70,000
$80,000
$90,000
$100,000
$110,000
$120,000
$130,000
$100,000 $120,000 $140,000 $160,000 $180,000 $200,000
$ Be
nefit
s per
Non
-Aca
dem
ic
$ Benefits per Academic
2014 $ Benefits per Academic and Non-Academic Employee
Page 11 of 23
Australian Higher Education Policy Analysis
University Academic
Benefits
per FTE
Non-Academic Benefits
per FTE
Ratio Academic FTE to Non-Academic FTE
Ratio $ Academic Benefits to $ Non-Academic Benefits
Percentage
of Total Expenditure on Staff Benefits
Total University HE Revenue per all FTE Staff
UNSW $130,954 $124,500 1.14 1.05 58.3 $237,363
Queensland $123,420 $108,180 1.02 1.14 54.9 $216,635
Monash $120,275 $118,024 0.97 1.02 52.0 $251,070
All Universities $138,700 $102,227 0.81 1.36 57.9 $219,609
Four of the eight Go8 universities have academic benefits per FTE above the national average and six provide non-academic benefits per FTE above the national average. Adelaide and Melbourne are the two Go8 universities that report the highest numbers of non-academic staff engaged in independent operations and have the lowest non-academic benefits per FTE. There is also a wide variation in the percentage of total expenditure allocated to staff benefits. UWA has the highest proportion at 63%, while Monash has the lowest at 52%. The range of overseas operation by Monash is most likely to be a contributory factor to the low percentage. Three universities expend above the national average of 57.9%. Melbourne, as a result of significant non-academic staff adjustments, has the second lowest proportional staff benefits expenditure at 53.2%. The total revenue obtained by the Go8 universities expressed in terms of per FTE staff – academic and non-academic – is shown in column seven of table 1. Six of the eight universities have a per FTE revenue in excess of the national average with Melbourne and Sydney clearly ahead of other universities. The Go8 universities are the group with the closest alignment of their teaching and research activities, yet there is considerable variation in the scale of benefits provided to staff. There is there no correlation between the percentage expenditure on staff benefits and the total revenue that an institution receives when expressed on a per staff FTE basis. These results are despite a relatively uniform approach to enterprise bargaining being adopted by these universities over the past decade. Another way to review the data is to compare the ratio of the academic to non-academic FTE with the ratio of the academic dollar benefits to the non-academic dollar benefits. This information is presented in figure 10 based upon the data in table A5.
LH Martin Institute for Tertiary Education Leadership and Management Page 12 of 23 lhmartininstitute.edu.au
Financial Performance of Australian Universities in 2014 Frank P. Larkins & Ian Marshman
Figure 10. Ratio of Academic to Non-Academic FTE and Employee Dollar Benefits for 2014
There are only two Australian Universities that report having more academic than non-academic staff on an FTE basis. They are UNSW (114:100) and Queensland (102:100). On a system-wide basis Australian universities employee 81 academic FTE for every 100 non-academic FTE as shown by the red point in figure 10. Charles Darwin (45:100), Edith Cowan (53:100) and Western Sydney (58:100) have the lowest academic to non-academic staff ratios, all being below 60 academic FTE per 100 non-academic FTE. Twelve Universities provide academic financial benefits per FTE that are at least 55% more than non-academic benefits per FTE. They are all universities with relatively low research performances. Clearly, the data presented in figure 10 underlines the practice where there is a wide spread in staff profiles, especially in the number of research-only staff, and in the reward conditions among the Australian Universities. The data for all the Go8 universities are shown in table 1. Melbourne has the lowest academic to non-academic ratio at 76:100 seemingly because of its high number of staff engaged in independent operations. UNSW the highest ratio at 114:100 partly because in its return to the Commonwealth Government it does not separately report any staff engaged in independent operations. Melbourne also has the highest ratio of academic benefits to non-academic benefits at 150:100. Six of the G08 universities are below the national average.
Conclusion The analyses reported in this paper do provide a valuable insight into the annual financial outcomes of continuing operations in Australian universities for 2014. There are clearly limitations with the data sets provided by universities to the Commonwealth Department of Education in terms of consistency in defining the categories of
UNSW
Monash
CQU
Queensland
E. Cowan
Notre Dame
C Darwin
ACU
0.40
0.50
0.60
0.70
0.80
0.90
1.00
1.10
1.20
1.00 1.20 1.40 1.60 1.80 2.00 2.20 2.40 2.60 2.80
Ratio
FTE
Aca
dem
ic: F
TE N
on A
cade
mic
Ratio $ Academic Benefit: $ Non-Academic Benefit
Ratio FTE Academic: Non-Academic FTE and Dollar Benefits 2014
System Average (1.36,0.81)
Page 13 of 23
Australian Higher Education Policy Analysis
reporting and in the classification of staff. There are also ‘one-off’ items that are embedded in the data published. A time series trend analysis will provide a more complete perspective of university operations. Overall, Australian universities are financially in a strong position. There are wide variations in funding sources and in benefits provided to staff by universities, seemingly to undertake similar education activities. The diversity arising from deregulation of much of the system, especially relating to postgraduate coursework fees, modes of delivery, the education of overseas students, establishing a research profile and the conduct of auxiliary operations underlies the strength of Australian higher education that is clearly manifest in the on-going financial operations of institution. Professor Emeritus Frank Larkins is a former Deputy Vice Chancellor at the University of Melbourne. Associate Professor Ian Marshman is the former Senior Vice Principal at the University of Melbourne.
References
1. Financial Performance of Higher Education Providers, Department of Education, https://education.gov.au/finance-publication
2. Larkins, F.P., Trends in Student Enrolments for Australia Bachelor Degrees: Is the present growth sustainable? L.H. Martin Institute, http://www.lhmartininstitute.edu.au/insights-blog/2015/05/208-enrolments-for-australian-bachelor-degrees-is-the-present-growth-strategy-sustainable. 19 May 2015
3. Larkins, F. P., Australian Higher Education Enrolments since 2009 Student Demand-Driven Policy Reforms, http://www.lhmartininstitute.edu.au/userfiles/files/Blog/Aus_HE_Policy_Analysis_FLarkins_Aug2015.pdf. 24 August 2015
4. Larkins, F.P., Responses by Some Australian Universities to Demand-Driven Policy Reforms, http://www.lhmartininstitute.edu.au/insights-blog/2015/10/218-responses-by-some-australian-universities-to-demand-driven-policy-reforms. 13 October 2015
5. Department of Education, 2015, https://education.gov.au/student-data. 6. Department of Education, 2015, https://education.gov.au/selected-higher-education-statistics-2014-
staff-data.
LH Martin Institute for Tertiary Education Leadership and Management Page 14 of 23 lhmartininstitute.edu.au
Financial Performance of Australian Universities in 2014 Frank P. Larkins & Ian Marshman
Appendix A
Table A1. Revenue and Expenditure Reporting Categories by Australian Universities
Total Revenues from Continuing Operations Total Expenses from Continuing Operations
A a a B b b C c c c c
Australian, State & Local Government Assistance
Australian Government Financial Assistance
Australian Governments Grants
Commonwealth Grants Scheme and Other Grants
Scholarships
Education Research Grants
Education Investment Fund and One-off Capital Grants
Australian Research Council
Other Australian Government Financial Assistance
HECS-HELP - Australian Government Payments
FEE-HELP - Australian Government Payments
SA-HELP- Australian Government Payments
State and Local Government Financial Assistance All Student Fees & Charges
Upfront Student Contributions
Fees and Charges
Continuing Education
Fee Paying Overseas Students
Fee Paying Non-Overseas Postgraduate Students
Fee Paying Non-Overseas Undergraduate Students
Fee Paying Non-Overseas Non-Award Students
Other Domestic Course Fees and Charges
Student Services and Amenities Fees
Other Fees and Charges Other Revenue
Investment Income
Royalties, Trademarks and Licenses
Consultancy and Contracts
Other Income
Donations and Bequests
Scholarships and Prizes
Non-Government Grants
Net Gain on Disposal of Property, Plant and Equipment
Net Foreign Exchange Gains
Other Revenue
D E F f f f f f f
Employee Benefits and On-Costs
Academic Employee Benefits
Academic Salaries
Academic Contributions to Superannuation and Pension Schemes
Academic Payroll Tax
Academic Workers Compensation
Academic Long Service Leave Expense
Academic Annual Leave
Other Academic Employee Benefits
Non-Academic Employee Benefits
Non-Academic Salaries
Non-Academic Contributions to Superannuation and Pension Schemes
Non-Academic Payroll Tax
Non-Academic Workers Compensation
Non-Academic Long Service Leave Expense
Non-Academic Annual Leave
Other Non-Academic Employee Benefits
Other Expenditures Depreciation and Amortisation
Repairs and Maintenance
Finance Costs
Impairment of Assets
Investment Losses
Deferred Superannuation Expense
Other Expenses
Scholarships, Grants and Prizes
Non-Capitalised Equipment
Advertising, Marketing and Promotional Expenses
Net Loss on Disposal of Property, Plant and Equipment
Other Expenditure
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Australian Higher Education Policy Analysis
Table A2. Total 2014 Higher Education Revenues, Expenditures and Percent Distributions for Australian Universities Ranked by Total Revenues.
2014 2014
Revenue '000s
A. Aus State & Local Gov %
B. All Student Fees& Charges %
C.Other Revenue %
2014 Expenses '000s
D. Academic Benefits %
E. Non-Academic Benefits %
F. Other Expenditure %
TOTAL EFTSL 2014
Melbourne $2,122,043 49.5% 28.6% 21.9% $1,939,101 28.5% 24.8% 46.8% 42,637
Sydney $1,897,854 52.1% 28.1% 19.9% $1,736,680 29.9% 25.7% 44.4% 43,265
Monash $1,863,947 53.3% 25.0% 21.8% $1,702,195 25.8% 26.2% 48.0% 52,992
Queenland $1,688,673 58.4% 23.4% 18.2% $1,646,027 29.5% 25.4% 45.1% 39,963
UNSW $1,658,927 56.9% 30.4% 12.7% $1,533,429 31.7% 26.6% 41.7% 39,597
ANU $996,353 61.9% 19.2% 19.0% $981,721 29.0% 27.3% 43.7% 15,587
UWA $957,093 60.0% 17.8% 22.2% $866,941 33.8% 29.1% 37.0% 21,093
QUT $907,008 62.5% 25.0% 12.5% $873,121 28.7% 30.7% 40.6% 34,740
Curtin $889,640 56.7% 27.7% 15.6% $839,922 32.5% 27.6% 39.8% 35,310
Deakin $855,808 66.0% 24.8% 9.2% $792,484 31.3% 28.7% 40.0% 35,272
Griffith $845,342 62.5% 26.2% 11.4% $767,855 32.2% 30.7% 37.1% 33,058
Adelaide $840,373 61.6% 24.5% 13.8% $785,943 32.6% 26.3% 41.1% 21,386
RMIT $807,939 56.1% 36.0% 8.0% $735,682 31.2% 27.6% 41.2% 45,475
Macquarie $764,670 53.1% 35.8% 11.2% $719,936 29.6% 25.0% 45.4% 28,691
West Syd $741,210 74.3% 12.6% 13.1% $635,281 29.3% 29.0% 41.7% 32,912
UTS $700,003 54.7% 34.0% 11.3% $661,465 30.2% 29.9% 39.9% 27,747
Newcastle $676,144 65.5% 16.8% 17.7% $626,238 29.2% 29.0% 41.9% 25,582
La Trobe $665,878 61.3% 21.4% 17.3% $652,495 31.7% 27.7% 40.5% 27,436
USA $583,716 66.6% 22.1% 11.3% $555,868 34.6% 28.1% 37.3% 22,495
W’gong $553,588 60.6% 29.0% 10.4% $533,230 34.0% 25.4% 40.6% 23,502
Tasmania $544,215 74.1% 15.7% 10.2% $544,512 30.8% 28.3% 41.0% 18,901
JCU $509,474 69.1% 19.5% 11.4% $448,354 28.1% 27.0% 45.0% 16,471
C.Sturt $494,152 65.9% 25.5% 8.6% $454,201 27.0% 30.0% 43.0% 22,018
Swinburne $466,108 60.9% 30.2% 7.0% $450,074 29.1% 24.4% 46.5% 22,131
Flinders $435,109 74.9% 18.5% 6.6% $419,248 37.0% 30.8% 32.1% 16,428
ACU $413,610 76.4% 16.4% 7.2% $376,197 37.9% 29.7% 32.4% 21,519
E Cowan $391,569 68.6% 20.6% 10.8% $364,074 29.3% 31.6% 39.1% 17,272
VUT $342,866 69.1% 21.8% 9.0% $343,431 34.4% 31.3% 34.3% 20,013
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Financial Performance of Australian Universities in 2014 Frank P. Larkins & Ian Marshman
2014 2014
Revenue '000s
A. Aus State & Local Gov %
B. All Student Fees& Charges %
C.Other Revenue %
2014 Expenses '000s
D. Academic Benefits %
E. Non-Academic Benefits %
F. Other Expenditure %
TOTAL EFTSL 2014
Murdoch $335,458 54.4% 28.9% 16.7% $327,353 28.9% 31.0% 40.2% 16,392
Sth Qld $307,647 76.3% 20.6% 3.2% $260,119 31.3% 35.3% 33.4% 14,385
CQU $298,323 62.3% 30.1% 7.6% $264,024 30.6% 26.2% 43.2% 12,300
N. England $291,448 78.7% 16.6% 4.7% $290,572 27.9% 30.2% 41.8% 11,659
Canberra $258,037 65.8% 24.4% 9.8% $260,011 31.4% 27.0% 41.6% 11,731
Federation $249,745 39.5% 44.4% 16.2% $237,957 23.8% 23.6% 52.5% 9,759
S. Coast $215,370 77.9% 12.5% 9.6% $176,834 29.4% 32.3% 38.3% 7,962
Sth Cross $211,019 79.9% 12.5% 7.7% $197,776 30.9% 30.8% 38.3% 9,148
C. Darwin $201,187 57.1% 16.1% 26.8% $186,021 26.8% 23.2% 50.0% 6,132
Notre Dame
$166,121 81.5% 14.9% 3.6% $149,274 38.8% 24.7% 36.5% 9,127
All Institutions
$27,147,667 60.4% 24.9% 14.7% $25,335,646 30.4% 27.5% 42.1% 977,237
Page 17 of 23
Australian Higher Education Policy Analysis
Table A3. Various contributions to Teaching and Learning Revenues for Australian Universities 2014 Ranked by Government Support for Teaching and Learning.
P. CGS + HECS-HELP$ '000s
% of Total Aus Gov Assistance
B. Fees and Charges $'000s
Total for T&L (P+B) $'000s
% CGS of T&L % Gov (CGS + HECS) for T&L
% T&L of All Revenue
West Syd $486,143 88% $93,140 $579,283 50% 84% 78%
S Cross $123,381 74% $26,299 $149,680 52% 82% 71%
S. Coast $121,620 74% $27,013 $148,633 53% 82% 69%
ACU $293,830 94% $67,657 $361,487 51% 81% 87%
N. Dame $95,263 71% $24,720 $119,983 55% 79% 72%
New England
$167,308 74% $48,417 $215,725 49% 78% 74%
Tasmania $258,085 66% $85,290 $343,375 56% 75% 63%
Newcastle $343,462 78% $113,834 $457,296 49% 75% 68%
Sth Qld $182,494 79% $63,240 $245,734 49% 74% 80%
C Darwin $90,296 84% $32,409 $122,705 54% 74% 61%
VUT $205,667 87% $74,826 $280,493 44% 73% 82%
Flinders $219,024 69% $80,332 $299,356 46% 73% 69%
E Cowan $217,401 85% $80,781 $298,182 47% 73% 76%
La Trobe $347,242 86% $142,379 $489,621 42% 71% 74%
C Sturt $282,658 87% $125,916 $408,574 45% 69% 83%
USA $286,562 76% $128,941 $415,503 43% 69% 71%
JCU $213,367 62% $99,244 $312,611 46% 68% 61%
Canberra $134,238 82% $62,916 $197,154 42% 68% 76%
Deakin $435,706 78% $212,062 $647,768 40% 67% 76%
QUT $434,694 78% $226,452 $661,146 38% 66% 73%
Griffith $416,292 80% $221,319 $637,611 39% 65% 75%
Swinburne $233,034 82% $140,923 $373,957 36% 62% 80%
CQU $147,480 79% $89,733 $237,213 40% 62% 80%
ANU $303,876 50% $191,076 $494,952 52% 61% 50%
UWA $265,785 51% $170,492 $436,277 38% 61% 46%
Curtin $372,479 76% $246,603 $619,082 38% 60% 70%
Murdoch $141,277 79% $97,103 $238,380 37% 59% 71%
Wollongong $226,539 69% $160,568 $387,107 35% 59% 70%
Adelaide $267,726 54% $206,079 $473,805 36% 57% 56%
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Financial Performance of Australian Universities in 2014 Frank P. Larkins & Ian Marshman
P. CGS + HECS-
HELP$ '000s % of Total Aus Gov Assistance
B. Fees and Charges $'000s
Total for T&L (P+B) $'000s
% CGS of T&L % Gov (CGS + HECS) for T&L
% T&L of All Revenue
RMIT $364,920 81% $290,500 $655,420 31% 56% 81%
Queensland $493,340 52% $394,598 $887,938 35% 56% 53%
UTS $292,711 77% $238,222 $530,933 33% 55% 76%
Monash $517,276 54% $465,115 $982,391 33% 53% 53%
Macquarie $283,449 70% $273,560 $557,009 28% 51% 73%
Sydney $465,391 48% $532,999 $998,390 30% 47% 53%
UNSW $427,721 47% $504,479 $932,200 29% 46% 56%
Federation $87,523 89% $110,785 $198,308 28% 44% 79%
Melbourne $407,007 41% $607,197 $1,014,204 26% 40% 48%
All Institutions
$10,652,267 67% $6,757,219 $17,409,486 39% 61% 64%
Page 19 of 23
Australian Higher Education Policy Analysis
Table A4. University 2014 HE Revenue Dollars Normalised to Student Load Ranked in Order of Highest Dollars per EFTSL
Revenue per EFTSL 2014
TOTAL EFTSL 2014
Revenue per EFTSL 2014
TOTAL EFTSL 2014
ANU $63,922 15,587 UTS $25,228 27,747
Melbourne $49,770 42,637 Curtin $25,195 35,310
UWA $45,375 21,093 N. England $24,998 11,659
Sydney $43,866 43,265 La Trobe $24,270 27,436
Queensland $42,256 39,963 Deakin $24,263 35,272
UNSW $41,895 39,597 CQU $24,254 12,300
Adelaide $39,295 21,386 Wollongong $23,555 23,502
Monash $35,174 52,992 Sth Cross $23,067 9,148
C. Darwin $32,809 6,132 E Cowan $22,671 17,272
JCU $30,932 16,471 West Syd $22,521 32,912
Tasmania $28,793 18,901 C.Sturt $22,443 22,018
S. Coast $27,050 7,962 Canberra $21,996 11,731
Macquarie $26,652 28,691 Sth Qld $21,387 14,385
Flinders $26,486 16,428 Swinburne $21,061 22,131
Newcastle $26,430 25,582 Murdoch $20,465 16,392
QUT $26,108 34,740 ACU $19,221 21,519
USA $25,949 22,495 Notre Dame $18,201 9,127
Federation $25,591 9,759 RMIT $17,767 45,475
Griffith $25,571 33,058 VUT $17,132 20,013
All Institutions
$27,780 977,237
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Financial Performance of Australian Universities in 2014 Frank P. Larkins & Ian Marshman
Table A5. Australian Universities 2014 Revenue expressed on a per Academic FTE basis ranked in order of highest unit revenue
2014 Academic +50% Casuals
2014 Total Revenues $'000s
2014 Revenue per Academic FTE
Charles Darwin 272 $201,187 $739,658
CQU 448.5 $298,323 $665,157
E Cowan 600 $391,569 $652,615
Western Sydney 1215 $741,210 $610,049
Melbourne 3594 $2,122,043 $590,440
RMIT 1468 $807,939 $550,367
JCU 938.5 $509,474 $542,860
Sunshine Coast 399 $215,370 $539,774
Federation 465 $249,745 $537,086
Macquarie 1424 $764,670 $536,987
UTS 1336 $700,003 $523,954
Curtin 1706 $889,640 $521,477
New England 559 $291,448 $521,374
Sydney 3659.5 $1,897,854 $518,610
ACU 799.5 $413,610 $517,336
UWA 1872.5 $957,093 $511,131
Monash 3650 $1,863,947 $510,670
Canberra 512.5 $258,037 $503,487
ANU 2019.5 $996,353 $493,366
Southern Qld 628 $307,647 $489,884
Murdoch 687 $335,458 $488,294
La Trobe 1368 $665,878 $486,753
Swinburne 967 $466,108 $482,014
Southern Cross 441 $211,019 $478,501
Charles Sturt 1039 $494,152 $475,603
Griffith 1786.5 $845,342 $473,183
Newcastle 1441.5 $676,144 $469,056
N. Dame 362.5 $166,121 $458,265
QUT 1989.5 $907,008 $455,897
Deakin 1897 $855,808 $451,138
UNSW 3717 $1,658,927 $446,308
Tasmania 1225 $544,215 $444,257
Adelaide 1902 $840,373 $441,836
Wollongong 1268.5 $553,588 $436,412
Queensland 3936.5 $1,688,673 $428,978
USA 1370.5 $583,716 $425,915
Victoria 818.5 $342,866 $418,896
Flinders 1120.5 $435,109 $388,317
All Institutions 55482 $27,147,667 $489,306
Page 21 of 23
Australian Higher Education Policy Analysis
Table A6. Australian Universities 2014 Academic and Non-Academic Employee Benefits, Full Time Equivalent Staff Numbers and Dollars per Employee Ranked by Academic Benefits per Employee.
2014
D. Academic Employee Benefits $'000s
FTE Academic +50% Casuals
2014 $ Benefits per Academic
E. Non-Academic Employee Benefits '000s
FTE Non Acad + 50% Casual+ Independent Operations
2014 $ Benefits per Non-academic
C. Darwin $49,896 272 $183,441 $43,157 600 $71,928
CQU $80,746 448.5 $180,036 $69,291 680.5 $101,824
ACU $142,404 799.5 $178,116 $111,766 1217.5 $91,800
E Cowan $106,643 600 $177,738 $115,035 1142 $100,731
Curtin $273,316 1706 $160,209 $232,178 2322 $99,991
N. Dame $57,954 362.5 $159,873 $36,798 428.5 $85,876
Canberra $81,691 512.5 $159,397 $70,278 660.5 $106,401
UWA $293,287 1872.5 $156,629 $252,687 2218.5 $113,900
RMIT $229,171 1468 $156,111 $203,335 2017 $100,811
Melbourne $552,031 3594 $153,598 $480,347 4703 $102,136
West Syd $186,000 1215 $153,086 $184,306 2100 $87,765
La Trobe $207,092 1368 $151,383 $180,839 1749 $103,396
UTS $199,888 1336 $149,617 $197,836 1752 $112,920
Macquarie $213,042 1424 $149,608 $179,700 1565 $114,824 New England $81,134 559 $145,141 $87,860 834 $105,348
VUT $118,093 818.5 $144,280 $107,647 995.5 $108,134
Wollongong $181,249 1268.5 $142,885 $135,562 1462.5 $92,692
Sydney $519,740 3659.5 $142,025 $446,209 3867.5 $115,374
ANU $285,032 2019.5 $141,140 $268,151 2200.5 $121,859
USA $192,537 1370.5 $140,487 $156,056 1752.5 $89,048
S Cross $61,142 441 $138,644 $60,901 682 $89,298
Flinders $155,257 1120.5 $138,560 $129,336 1362.5 $94,926
Griffith $247,254 1786.5 $138,401 $235,468 2631.5 $89,481
Murdoch $94,537 687 $137,608 $101,360 998 $101,563
Tasmania $167,439 1225 $136,685 $153,830 1592 $96,627
Swinburne $131,038 967 $135,510 $109,836 1023 $107,367
Adelaide $256,417 1902 $134,814 $206,351 2087 $98,874
JCU $125,764 938.5 $134,005 $120,966 1210.5 $99,931
UNSW $486,755 3717 $130,954 $407,364 3272 $124,500
Deakin $247,968 1897 $130,716 $227,268 2217 $102,512
S. Coast $51,975 399 $130,263 $57,049 622 $91,719
Sth Qld $81,471 628 $129,731 $91,820 1034 $88,801
Newcastle $182,600 1441.5 $126,674 $181,443 1848.5 $98,157
QUT $250,586 1989.5 $125,954 $268,009 2662.5 $100,661
Queensland $485,844 3936.5 $123,420 $417,411 3858.5 $108,180
Federation $56,733 465 $122,006 $56,185 763 $73,637
Monash $439,002 3650 $120,275 $445,424 3774 $118,024
C Sturt $122,640 1039 $118,037 $136,264 1532 $88,945 All Institutions $7,695,368 55482 $138,700 $6,965,323 68136 $102,227
LH Martin Institute for Tertiary Education Leadership and Management Page 22 of 23 lhmartininstitute.edu.au
Financial Performance of Australian Universities in 2014 Frank P. Larkins & Ian Marshman
Appendix B
Figure B1. Percentage of 2014 Revenue Ranked by All Government Funding
Figure B2. Percentage of 2014 Expenditure Ranked by Academic Benefits
0.0%
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Percent 2014 HE Revenue Ranked by All Government Funding
A. Aus State&Local Gov % B. All Student Fees& Charges % C.Other Revenue %
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n
Percent 2014 HE Expenditure Ranked by Academic Benefits
D. Academic Benefits % E. Non-Academic Benefits % F. Other Expenditures %
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