The Fab Five aren’t entirely an international ed business with a side-hustle in Aus education – but they should enjoy the rivers of gold while they last.
Data-master Frank Larkins has analysed recent annual reports that demonstrate what should be boom times for Monash U and the Universities of Melbourne, Sydney, NSW and Queensland.
Across 2022-25, their collective revenue increased by $5.188bn (40.6 %). UNSW leads with just under 60 % ($1.356bn more), followed by Monash U with a 41% hike ($1.214bn). Uni Melbourne lags with just $675m; a still-hefty 22.9% increase.
The money poured in from international students to the five big unis. Across 2024-25 the five increased their collective export income by just under $1bn, to $7.99bn; a 14% increase. UNSW was up 18 %, to $1.832bn. Monash collected $1.663bn, a 29% increase. Perhaps Uni Sydney did not want to attract attention from Ministers with quotas in mind, as their income was only up 7%; but that still took it to $1.909bn.
And the five collectively received less from the Commonwealth in 2025 than they did in 2021; overall down 4.8 % to 36.3%. UNSW’s demand on the public purse was nearly 12% lower.
And yet the rivers of gold did not amount to surpluses for all. Monash U reported a $336m surplus in 2025, up 186 % on 2024 and UNSW improved 177 %, to $232m. The other three somehow managed to lose money. Uni Queensland was marginally worse off (it’s all relative innit), down $24m; while Uni Sydney was down $350m (64 %) and UoM dropped by 92 % to a $250m deficit.
So where is the money going? Managements are not throwing the cash at staff. “The proportion of expenditures devoted to employee benefits have mainly decreased, but not very much over the five years,” Larkins states.
In 2025 Uni Melbourne still spent 57.3 % of revenue, followed by Uni Sydney at 56.6 %, Monash was way lowest, with 47.8 %, “which may be due to its higher offshore staff employment profile.”
Then again, the Five have plenty of people – with 25% of all enrolled university students in 2025 but 34 % of all staff.
Larkins suggests deficits can come from the way universities report income and that, “universities do have a significant credibility issue with staff, the unions and others interested in university financial performances with their approach.”
But his big warning is what happens if the rivers of gold flow slow.
“The ever-increasing costs of education for overseas students at Australian universities must surely affect demand when cheaper alternatives are available in other countries where courses are delivered in English.”