VC Brian Schmidt says the university had estimated an operating deficit of $182m for ‘22

The university council has signed-off on last year’s financials, which are in the annual report, yet to be tabled in federal parliament.

However Professor Schmidt tells staff “high-level” figures provide “more context about our situation.”

The improvement on estimate is largely due to $15m more than expected in tuition revenue and nearly $66m more in grants.

He adds the overall net result is a $139m deficit – which includes investment income and insurance proceeds, which cannot be used for operating expenses and a $50m unrealised investment loss.

He adds the university “anticipates” another operating deficit for ’23.

As for the overall context, “we are spending $2.25 million more per week than we are earning.