The good times rolled for WA public universities in 2024, as international students came and stayed. Their annual reports all recorded big hikes in fee income. It is not going to last if the Feds have anything to do with it, which means cost control will be the metric that matters.
Curtin U: Is pleased indeed to report a 0.7% operating margin, which reflects “a strong financial performance.” At least it does compared to the 2023 6.8% loss, which has been recalculated based on the University’s 2023 audited financial statements. Apparently, “previously reported results were sourced from internal management systems.” The 2023 annual report stated the operating margin was -1.4%, due to “continued investment in people and resources, such that operating expenses were temporarily higher than revenues.”
While Curtin U is careful to advise that its international enrolments are only 15% of the total, and many are overseas (paying $8m) those on-shore contributed a swag of cash last year – $252m, up from $195m, in ’23.
Total revenue was $1.22bn, up from $1.08bn in 2023. Staff costs accounted for most of the $56m increase. Net operating result was just $70m but way better than the previous near $13m loss.
An unnamed staffer, presumably VC Harlene Hayne, earned between $1m and $1.1m, the same range as ’23.
Edith Cowan U: Had a good 2024, managing the huge CBD expansion, keeping costs under control and not being caught by Commonwealth caps on international enrolments – the new Sri Lanka campus will help.
Overall the university group lifted income by 20% to $844m, largely due to increased Commonwealth funding, ahead of a rise in international student fees. But while staff costs were up 17% overall ECU had a hefty operating margin of $272m (23%). Income was 20% up on 2023 with costs 24% higher.
ECU’s big challenge starts next year, when its CBD campus opens, but that will begin on a solid base.
One person (presumably now retired VC Steve Chapman) was paid $960,000 in 2023 – new VC Clare Pollock only started last September.
Murdoch U: Consolidated income was up 20% on 2023, to $583m, on an $80m increase in fees and charges (unstated, but surely from students) which made up nearly half the university’s income. But costs also increased $80m to $546 – making for a 6% operating margin. Staff costs were up $30m, to $279m but so were asset impairments, from under $1m to $23m. The unnamed top earner, VC Andrew Deeks?, was paid between $870,000 and $880,000 – a $10,000 band higher than 2023.
UWA: reports an 11% operating margin, nearly twice 2023 – which it attributes to prudent management and “significant growth” in international students. “Significant” understates it; fee income was up 30% on 2023 and at $323m, accounted for a quarter of the university’s $1.329bn consolidated earnings. Costs were controlled with staff expenses up $50m being the only significant increase, presumably due to a new enterprise agreement. At 55% of outlays this is largely in-line with the sector standard. Vice Chancellor Amit Chakma was paid $1.03m, up from $878,000 in ’23.
